Economists highlight China's 2024 economic work

Consumption and investment

Guo Lei, chief economist at GF Securities, said that in terms of policies to expand domestic demand, the meeting emphasized "consumption with potentials" and "investment with productiveness." In traditional consumption areas, the promotion of bulk consumption such as new energy vehicles and electronic products, as well as the replacement of old consumer goods for new ones, was particularly mentioned. In the field of new consumption, growth points such as smart homes, entertainment and tourism, sports events, and guochao (China-chic) consumption are specially mentioned. In short, the policy focus is on durable consumer goods and new types of service consumption.

Wen Bin, chief economist at China Minsheng Bank, said that the meeting proposed " to stimulate consumption with potentials and expand productive investment to create a virtuous cycle of mutual promotion between consumption and investment." Compared with the previous statement, the emphasis on the "potential", "productive" and "virtuous circle", which means that the policy will no longer "isolated" to stimulate consumption and investment, but take a long-term view. While improving the efficiency of the market economy, we will strive to achieve a virtuous circle of mutual promotion of investment and consumption, pursue the policy effect of "1+1>2", and improve the sustainability of domestic demand growth.

Luo Zhiheng, chief economist of Yuekai Securities, said, "Effective investment and income-supported consumption are effective means for expanding domestic demand." He believes that the rise in terminal consumption demand is conducive to improving investment in manufacturing, and high-quality investment will form high-quality supply, which will promote consumption, and achieve a virtuous cycle of investment and consumption.