China News Agency, Beijing, December 22 (Reporter Wang Enbo) In the last month of 2022, first a heavy document was issued to clarify the top-level design, and then the Central Economic Work Conference set the tone. The strategy of expanding domestic demand has become the key point of the Chinese economy next year and even longer priority tasks.
Looking back on the past year, China's economy has responded to the impact of unexpected factors, and the quality of development has steadily improved, but the recovery of some areas such as consumption has lagged behind.
Insufficient aggregate demand has become a prominent contradiction facing China's current economic operation.
Based on the consideration of "promoting the overall improvement of economic operation", the Central Economic Work Conference will put "focusing on expanding domestic demand" at the top of the five major tasks next year, and proposes to better coordinate supply-side structural reforms and expand domestic demand, through high-quality supply to create effective demand.
"From the perspective of the economic cycle, demand and supply are complementary. While expanding domestic demand, we must also exert force on the supply side." Wang Xiaosong, a researcher at the National Academy of Development and Strategy at Renmin University of China, said in an interview with a reporter from China News Agency.
In recent years, China's per capita GDP has continued to grow, and residents' consumption has continued to upgrade. However, there has been a certain mismatch between the supply of traditional products and the emerging needs of residents, resulting in the contradiction between overcapacity and unsatisfactory demand.
Right now, consumer confidence has been impacted to a certain extent by the epidemic, which has also suppressed demand from another angle.
In Wang Xiaosong's view, it is necessary to enhance consumer confidence and expectations as an important breakthrough, and stimulate consumption through various means.
"We produce what the people need," he said. Despite the impact of the epidemic, the general trend of China's consumption upgrading is still continuing. It is necessary to gradually adjust production capacity and promote products and services to be of higher quality, higher level, and higher quality. Level up.
The continuous improvement of the supply level will bring more market demand to the surface.
Zhao Chenxin, deputy director of the National Development and Reform Commission, pointed out in an article that the integration of China's advanced manufacturing industry and producer service industry is accelerating, the consumer service industry is developing rapidly, and digital creativity, green low-carbon, medical health, e-commerce and other fields have great room for growth.
At the same time, the rapid increase in the supply of mid-to-high-end products will better meet domestic demand.
At present, many fields in China's economic work are the combination of supply-side structural reform and expansion of domestic demand. It can not only improve the quality and efficiency of the supply system, but also help expand current demand, thereby promoting long-term stable and healthy economic development.
In an interview with the media, the relevant person in charge of the Central Finance Office said that China urgently needs to accelerate the optimization and upgrading of the industrial system, which requires increasing investment in manufacturing research and development and technological transformation, and increasing investment in new fields and new tracks.
These inputs are not only the current demand, but after high-quality supply is generated in the future, they will further create effective demand.
The development of China's new energy automobile industry is a typical success story.
In addition, many provinces in southern China have experienced power shortages due to drought and high heat this year, and in some places in Northeast, North China, and Northwest China, there are a large number of wind power and photovoltaics that cannot be accommodated. Increase investment in power supply layout, cross-regional power transmission, smart grid, etc. , which not only expands the current demand, but also improves the efficiency of the energy system, creating conditions for future demand growth and energy transformation.
A series of documents recently issued by Chinese officials have put these tasks on the agenda.
"Strategic Planning Outline for Expansion of Domestic Demand (2022-2035)" and "Implementation Plan for the "14th Five-Year Plan" Strategy for Expanding Domestic Demand" have dedicated chapters requiring "optimization of investment structure and expansion of investment space".
This is seen as one of the key points in the implementation of the strategy of expanding domestic demand, and will play a key role in investment in optimizing the supply structure.
Studies have shown that China's per capita infrastructure capital stock is only 20% to 30% of that of developed countries. The demand for traditional infrastructure construction is still large, the pace of new infrastructure layout and construction is accelerating, and investment in industrial transformation and upgrading needs to be increased. Many weak points.
The spokesperson of the National Development and Reform Commission emphasized that in the coming period, focusing on accelerating the filling of shortcomings, improving the quality of supply, continuously optimizing the investment structure, improving investment efficiency, and stimulating the vitality of private investment will add lasting momentum to the reasonable growth of investment demand.
And when a high-level virtuous cycle of supply and demand and a dynamic balance gradually take shape, the current blockages, pain points, difficulties, and blank points in China's economic development are expected to be transformed into new growth drivers, promoting the continuous release of "internal forces" and helping the economy to achieve qualitative and effective Reasonable growth in promotion and volume.
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