Consumption is not stimulated, and the level of consumption is determined by disposable income. Increasing residents' disposable income can increase the effective consumption demand.
The fundamental reason for the current sluggish consumption is the decrease in expectations for residents' employment and disposable income growth. To boost consumption, we need to promote the coordination and linkage among policies such as employment, finance, currency, investment, consumption, industry, education, talent, technology, and regional development, so as to increase residents' disposable income in areas such as labor, business, property, and transfer payment. The basic principle is to boost the economy in the short term while also changing the growth model in the long term.
Therefore, we need to coordinate and promote the triple transformation of economic development pattern, development mode, and economic system. We should also deepen distribution reform from the aspects of initial distribution, redistribution, and tertiary distribution, so as to build a fundamental institutional system for income distribution.
