2020-09-24 16:11


Li Buqian: tapping the potential of domestic demand is the key to forming a new development pattern


[Beijing Direct News Network September 24th] (China economic network)It is a strategic choice to reshape China's new advantages in international cooperation and competition according to the changes of China's development stage, environment and conditions. General secretary Xi Jinping recently pointed out at the expert forum on economic and social fields that "in the coming period, the domestic market will lead to more obvious characteristics of the national economic cycle, and the potential of domestic demand for economic growth will continue to be released". Before, general secretary Xi Jinping emphasized at the forum of entrepreneurs that "taking the domestic circulation as the main body is by no means a closed operation, but by making full use of the potential of domestic demand, making the domestic market and international market better link up, making better use of two domestic and international markets and two sources of resources to achieve more sustainable and sustainable development". This tells us that to accelerate the formation of a new development pattern, tapping the potential of domestic demand is the key.

Demand is the driving force of economic growth. In China's demand structure, there used to be a problem of high dependence on foreign trade for a long time. In recent years, with the changes of the external environment and the factor endowment of China's development, the international macro cycle kinetic energy of both markets and resources has been significantly weakened, while the domestic demand potential has been continuously released, and the vitality of the domestic large cycle has become increasingly strong. After the international financial crisis in 2008, China's economy has been transformed into a major domestic cycle, and the contribution rate of domestic demand to economic growth has exceeded 100% for many years. During the epidemic period, accelerating the construction of new infrastructure and developing digital economy, as important ways to stabilize investment and expand domestic demand, played an important role in forming new growth points and stimulating economic growth. Practice has proved that expanding domestic demand is an inevitable requirement for further stimulating economic vitality, accumulating development momentum and hedging the downward risk of the world economy. Therefore, more efforts should be made in the following aspects, trying to exert the potential of domestic demand, transforming the super large-scale domestic demand market into a powerful driving force for economic growth, unblocking the domestic circulation and accelerating the formation of a new development pattern.

Efforts should be made to improve residents' willingness and ability to consume. Fundamentally speaking, the expansion of domestic demand is to improve the consumption capacity under the established level of economic and social development, so as to stimulate demand with consumption. Domestic demand is based on income and employment. Without employment and income, there is no way to talk about domestic demand. To increase the proportion of consumption in domestic demand, the key point is to increase residents' income, let "money bags" swell up, improve residents' consumption expectations, and make consumers more "able to consume". It is necessary to stabilize employment, promote income growth, protect people's livelihood, improve the quality of consumer goods and optimize the consumption environment, so as to fully release the suppressed and frozen consumption potential and promote the upgrading and expansion of consumption. At the same time, we should increase public consumption reasonably and stabilize the overall consumption level. Middle income group is the most potential consumer group in China. This part of the group has received good education, stable work and relatively high income. We should give reasonable guidance to this group's consumption ability, consumption characteristics and the factors restricting their consumption, so as to eliminate the consumption constraints and fully release the consumption potential of the middle-income group. The low-income group has a large marginal propensity to consume and has a strong material demand. The key point is to improve the level of material security of this group to meet its basic material needs.

Design policy arrangements conducive to promoting consumption. To establish a reasonable and perfect social security system, income distribution system and property rights system is the key to eliminate the factors restricting and restraining consumption. It is necessary to build a sound social security, medical and endowment insurance system to fundamentally eliminate the worries of residents' consumption. We should continue to deepen the reform of the income distribution system, optimize the structure of income distribution, advocate hard-working to get rich, support entrepreneurship and innovation, protect legal operation, and generally improve the people's affluence, and improve the consumption level of low-income groups by means of transfer payment. We should establish and improve the long-term mechanism to promote the rapid growth of farmers' income, improve their consumption ability and activate the rural consumption market. At the same time, it is also necessary to create a comprehensive consumption environment. We will crack down on all kinds of illegal and criminal activities such as infringing on intellectual property rights and manufacturing and selling fake and shoddy goods, actively promote the construction of credit system in the field of consumption, effectively ensure smooth channels for consumers' complaints and rights protection, and safeguard the legitimate rights and interests of consumers.