The globalization of the Chinese economy has entered a stage of promoting globalization through our domestic market, which is also a part of China's economic growth and a process of RMB internationalization.
The process of China's modernization requires new impetus. In the past, production and investment were the main driving forces of supply, but currently, the power has shifted towards market demand. Building a strong domestic market is the core of forming a new development pattern, the foundation of the domestic economic cycle, and a key factor in China's economic growth and contribution to the world.
From the current macro-policy perspective, relying solely on anti-involution to adjust the supply-side structure is not enough, and the effectiveness of monetary policy is also relatively limited. It is necessary to strengthen the regulation of the demand-side, and fiscal policy needs to be further strengthened. The most crucial point is that, in the face of further economic downturn and deflationary pressure, the author believes it is possible to consider directly injecting liquidity into low-and middle-income residents and small and medium-sized enterprises. In terms of microeconomic policies, the formation of the new development pattern is based on adjusting the returns of capital and labor, and increasing the income of laborers.
