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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.Article source: Securities Times

Securities Times reporter Qin YanlingIn the specific deployment, the Central Economic Work Conference decided to "implement special actions to boost consumption, promote low-and middle-income groups to increase their income and reduce their burdens, and enhance their spending power, willingness and level. Appropriately raise the basic pension for retirees, raise the basic pension for urban and rural residents, and raise the financial subsidy standard for medical insurance for urban and rural residents. "Zhou 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.

In the specific deployment, the Central Economic Work Conference decided to "implement special actions to boost consumption, promote low-and middle-income groups to increase their income and reduce their burdens, and enhance their spending power, willingness and level. Appropriately raise the basic pension for retirees, raise the basic pension for urban and rural residents, and raise the financial subsidy standard for medical insurance for urban and rural residents. "In the specific deployment, the Central Economic Work Conference decided to "implement special actions to boost consumption, promote low-and middle-income groups to increase their income and reduce their burdens, and enhance their spending power, willingness and level. Appropriately raise the basic pension for retirees, raise the basic pension for urban and rural residents, and raise the financial subsidy standard for medical insurance for urban and rural residents. "Only by improving the consumption level of the whole people can we promote economic development! ! ! Therefore, boosting consumption will be the top priority of economic work.