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The question of what economic growth mainly depends on is not only a question of the mode of economic development, but also a question of the guiding ideology and concept of social and economic development. Only by giving full play to the role of consumer demand as the driving force for economic growth can the broad masses of the people share more of the fruits and benefits of reform and ensure harmonious economic and social development and sustainable development. Consumption is the driving force of a country's economic growth and the source of increased citizens' welfare, and how to give full play to the driving effect of consumption on the economy has become a hot issue in academic research. In the 80s of the 20th century, consumer demand played an important role in China's economic growth. China's economic structural reform has broken down institutional and institutional obstacles that are not conducive to economic development, liberated and developed productive forces, and changed the previous development policy of unilaterally developing heavy industry, attaching importance to investment and curbing consumption. The once huge and unmet consumer demand was an important factor in the success of China's reforms in the 80s. Although the rapidly expanding consumer demand once formed a strong pressure on economic development, it also created a relatively relaxed market environment for the emergence and development of non-public enterprises and the reform of state-owned enterprises, enabling enterprises to gradually adapt to the market economic system without demand constraints, and greatly slowing down the possible twists and turns in the reform process. Since the 90s of the 20th century, China's economic growth has become more and more dependent on investment and exports, and economic growth has obviously the characteristics of investment-driven and export-led. This phenomenon is due to the gradual reduction of the proportion of workers' income in China's income distribution, the further widening of income gap, and the reform of housing, medical care, and insurance systems that have increased consumers' expectations for future spending. Under the condition that the rigid consumption needs of basic survival and development of residents are satisfied, the motivation to hold currency savings begins to increase; The proportion of final consumption in China's GDP is declining, and its contribution to economic growth and its pulling role are gradually weakening. Investment-driven and export-led economic growth is unsustainable, China's economic growth must fall above consumer demand, and the establishment of a consumption-demand-led economic growth mechanism is an inevitable requirement for China's economic development. In the short term, investment and exports have a strong driving effect on economic growth, and expanding investment and exports can raise employment levels, alleviate the shortage of effective demand, and promote output growth. However, in the long run, China's economic growth cannot always rely on the international market. In the absence of final consumer demand support, the value of the product will be difficult to realize and the investment will be unsustainable. The outbreak of the "subprime mortgage crisis" in the United States announced the end of a new round of economic growth in China that began in 2003. China's macroeconomic policy quickly shifted from preventing inflation and the danger of overheating to preventing economic downturn. This fully exposes the drawbacks of export-oriented development strategy, indicating that excessive reliance on exports to drive economic growth is a "double-edged sword", and while China's export growth drives economic growth, it also increases its dependence on the international market and increases the risk of uncertainty in the process of economic growth. With the enhancement of the restraining role of consumer demand on China's economic growth, the problem of insufficient consumption in China has gradually received attention, giving full play to the driving role of consumer demand in national economic growth, enhancing effective supply, and promoting supply-side reform, which has become an important means for the further development of China's economy. As early as the "Eleventh Five-Year Plan", China pointed out: "We must maintain stable and rapid economic development." It is necessary to further expand domestic demand, adjust the relationship between investment and consumption, rationally control the scale of investment, and enhance the role of consumption in driving economic growth. "China's economy has entered the new normal stage, improving the final consumption rate and promoting the upgrading of the consumption structure of residents, which is not only China's means to cope with the economic recession, but also an inevitable requirement for China's long-term economic development. From the perspective of the timing of regulation, when the economy is in the growth stage, the resistance to regulating consumer demand is relatively small, and it is relatively easy to increase consumption. In the recession stage, the resistance of policies to promote consumer demand is greater, and expansionary fiscal and monetary policies should be the mainstay. In the process of policy implementation, short-term economic recovery and long-term economic development should be combined, the part of fiscal expenditure for people's livelihood should be increased, the level of social public consumption should be improved, the constraints of infrastructure factors on consumption should be eliminated, the consumption environment should be improved, and the level of social consumption should be gradually increased. This book makes an empirical analysis of the current situation and characteristics of Chinese residents' consumption, combines economic principles, analyzes how to expand consumer demand, give full play to the role of consumption in driving economic growth, establish a consumer demand-driven economic growth mechanism, and other issues, specifically analyzes the interrelationship between demand factors, supply factors and institutional factors and the constraints on the establishment of a consumption demand-driven economic growth mechanism, and puts forward countermeasures for establishing a consumption-demand-driven economic growth mechanism in a more comprehensive way. Beyond the current theoretical research status of simply expanding consumption to promote economic growth, it has made a useful attempt to expand China's current consumption theory and economic growth theory. The book is divided into six chapters. The first chapter describes the consumption characteristics and trends of Chinese residents. Based on statistical data, the consumption level and structure of Chinese residents were analyzed, the dynamic analysis of urban and rural consumption tendencies was made, and the consumption of Chinese and foreign residents was comparatively analyzed. Chapter 2 discusses the economic significance of expanding consumer demand in China during the new normal of the economy. It analyzes that expanding consumer demand is an inevitable choice for China to transform its economic development mode. Consumption can play an important role in China's industrial structure upgrading, employment problem solving and promoting urbanization. Chapter 3 analyzes the intrinsic link between raising household income levels and expanding consumer demand. Through indicators such as per capita GDP and per capita income, the influencing factors such as purchasing entity, purchasing power, consumption willingness, and realization environment are judged, and the intrinsic correlation between income level and consumption demand is revealed. Chapter 4 reveals the important impact of China's supply-side structural reforms on expanding consumer demand. There is a theoretical basis that supply can drive consumer demand up, China has the problem of insufficient effective supply, supply-side reform focuses on improving product quality to enhance consumer confidence, and achieve production expansion by meeting the high-end market and personalized consumption. Chapter 5 explains the general idea of expanding consumer demand. It emphasizes following the law of circular economy, paying attention to people's livelihood, expanding consumption through effective supply, increasing income, optimizing the environment, social security, urbanization and other ways, and advocates using the "troika" to drive economic growth in a more balanced manner. Chapter 6 gives suggestions for countermeasures to expand consumer demand in China in the new normal stage of the economy. It includes cultivating and expanding new consumption hotspots, continuously optimizing the soft environment for residents' consumption, vigorously developing the service industry and new consumption formats, improving the public service system and strengthening social security, deepening the reform of the distribution system, breaking the dual economic structure, and activating the rural consumer market. As one of the important engines of China's economic growth, consumption has experienced a tortuous development process, understand the development trend and opportunities of China's consumption, in order to see that governments at all levels have formulated targeted policies and measures to boost China's consumption, so that consumption-driven economy becomes a reality. Wang Zhiwen Lu Ping, July 11, 2016(AI翻译)
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