Abstract The report of the 18th National Congress of the Communist Party of China pointed out: "We must firmly grasp the strategic basis for expanding domestic demand and accelerate the establishment of a long-term mechanism for expanding consumer demand." With the concept and height of "strategic basis", it is fundamental and key...
The report of the 18th National Congress of the Communist Party of China pointed out: "We must firmly grasp the strategic basis for expanding domestic demand and accelerate the establishment of a long-term mechanism for expanding consumer demand." Based on the concept and height of "strategic basis", we will locate and generalize from the basic and key points. "Expanding domestic demand" is a major theoretical innovation. The report calls for “accelerating the establishment of a long-term mechanism to expand consumer demandâ€, which means that the main connotation of “expanding domestic demand†is “expanding consumer demandâ€. "Expanding domestic demand" and "expanding consumer demand" are inevitable measures to transform the economic development mode. Due to the rapid and rapid development of reform and opening up over the past 30 years and the economic downturn of the developed countries in Europe and the United States caused by the international financial crisis, the economic development mode that focused on investment and export in the past has been difficult from both domestic resources and the international market. Statistics show that China's consumption rate is about 30% lower than that of developed countries, and there is a gap of about 20% from the world average. Therefore, in order to change the development ideas and expand consumer demand in a timely manner, we can expand the potential huge growth space for China's economic development.
“Expanding domestic demand†and “expanding consumer demand†are important ways to strategically adjust the economic structure. In the demand for promoting economic development, China has long adopted the strategy of “strong investment and weak consumptionâ€, thus forming a deformed industrial structure with strong government-type investment and infrastructure-based investment; and a large number of private investment needs, and huge The consumer demand for residents is limited to a certain extent. Therefore, “expanding domestic demand†and “expanding consumer demand†and strengthening consumer demand orientation can effectively improve the demand structure, promote the development of strategic emerging industries, accelerate the growth of service industries, especially modern service industries, and transform and upgrade traditional industries. Break through the bottleneck of insufficient overall demand and promote healthy and sustainable economic development.
"Expanding domestic demand" and "expanding consumer demand" are important contents for sharing development achievements and enriching the people and strengthening the country. Today, with the rapid development of the reform and opening up economy for more than 30 years, China's per capita GDP has reached 5,414 US dollars, and Guangdong's per capita GDP has exceeded 7,787 US dollars, reaching the level of middle and upper income countries or regions. Under such conditions, expanding consumer demand and improving people's living standards have become major problems to be solved with great efforts. The report of the 18th National Congress of the Communist Party of China emphasized that "expanding domestic demand" and "accelerating the establishment of a long-term mechanism for expanding consumer demand" will open the door to happiness for the people to share development results in a timely manner.
According to the development experience and economic theory of countries around the world, "expanding domestic demand" and "expanding consumer demand" are mainly to release the consumption power of residents and increase the consumption rate. Since 2010, China’s investment rate has exceeded the consumption rate for the first time in history. The investment rate has risen to 48.6%, and the consumption rate has dropped to 47.4%. The household consumption rate has dropped to 33.8%. Therefore, it is urgent to deepen the reform of the income distribution system, focus on increasing the income of residents, improve the social security system, implement a structural tax reduction and profit-sharing policy, and improve the government's public revenue and expenditure system and mechanism. This will effectively improve the consumption power and living standards of the people throughout the country and promote sustained and steady economic growth.
(The author is the director and researcher of the Center for Consumption and Market Research of the Guangdong Academy of Social Sciences)
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