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The relevant person in charge of the National Development and Reform Commission has said many times before that consumption is a function of income, and it is necessary to increase the income of urban and rural residents through multiple channels to promote consumption. In fact, the series of measures deployed by the Central Economic Work Conference are also important aspects that are generally called for by academic circles and industries. Zhang Bin, deputy director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences, has repeatedly stressed that the essence of insufficient demand lies in the negative cycle between "expenditure-income-credit". Therefore, it is a vital measure to boost residents' consumer confidence from the income side.Zhao Bo, an associate professor of economics in the National Development Research Institute of Peking University, pointed out that since the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China, the proportion of China's household consumption in GDP has experienced a short-term rise and a continuous decline, and rebounded around 2009, and it is currently maintained at around 40%.Securities Times reporter Qin Yanling

Article source: Securities TimesZhou Qingjie, a professor at the School of Economics of Beijing Technology and Business University, said in the article "Paying attention to the key role of household consumption in expanding domestic demand" that according to the internationally accepted national economic accounting system, household consumption is one of the "four pillars" in GDP, alongside domestic private total investment, government purchase, public investment and net export. From the international comparison, the proportion of Chinese residents' consumption in GDP is at a relatively low level. Therefore, in the process of building a new development pattern in China, the effective practice of expanding domestic demand strategy depends more on the "internal" efforts of residents' departments, so that residents can spend money, rest assured and freely.Article source: Securities Times

Article source: Securities TimesAmong the nine key tasks of economic work next year, "vigorously boosting consumption, improving investment efficiency and expanding domestic demand in all directions" ranks first. Among them, "consumption" has been placed in a more important position. The Central Economic Work Conference pointed out that it is necessary to grasp key links to complete the key tasks of economic work next year, and focus on boosting domestic demand, especially consumer demand.