The Opinions on Improving the Consumption Promotion System and Mechanism and Further Stimulating the Consumption Potential of Residents issued by the CPC Central Committee and the State Council proposed that the circular power of consumption upgrading to lead supply innovation and supply upgrading to create new consumption growth points should be continuously strengthened, so as to achieve a higher level of supply and demand balance and steadily increase the consumption rate of residents. The consumption structure was significantly optimized. The consumption structure of residents has been continuously optimized and upgraded, the proportion of service consumption has steadily increased, and the Engel coefficient of residents across the country has gradually declined.
The opinion proposed that we should promote the continuous upgrading of physical consumption, promote the continuous quality and expansion of service consumption, guide the new consumption model to accelerate the breeding and growth, and promote the upgrading of rural residents' consumption echelon.
The opinion proposed that we should improve the income distribution system that is conducive to improving residents' consumption ability, increase the income of low-income groups, and expand middle-income groups. Build a fair and open market environment. We will step up the effective and orderly opening up of the life services sector, and gradually loosen restrictions on foreign investment. Build a number of international consumption center cities and promote the construction of Hainan international tourism consumption center.
The opinions put forward that we should improve the consumption policy system and further study and formulate policies to encourage and guide residents' consumption. Promote consumption tax legislation. We will promote the reform of individual income tax, reasonably raise the standard for basic deductions of individual income tax, appropriately increase special additional deductions, and gradually establish a comprehensive and classified individual income tax system.
In addition, we will further enhance the supporting role of finance in promoting consumption, encourage innovation in consumer finance, standardize the development of consumer credit, and grasp the relationship between maintaining the reasonable leverage level of residents and the reasonable growth of consumer credit.
Chen Lifen, deputy director and researcher of the Service Industry Research Office of the Circulation Industry Promotion Center of the Ministry of Commerce, told the Economic Information Daily that the document emphasized the promotion of consumption upgrading from both sides of supply and demand, the implementation of supply side structural reform, and the promotion of supply and demand matching to a greater extent. "To improve the supply of consumer objects, that is, the supply of products and services, requires consumer objects to pay more attention to quality improvement and model innovation to meet the multi-level and diversified needs of consumers. To improve the supply of consumer environment, that is, the supply of systems, requires further improvement of the relevant regulatory system, credit system and consumer protection mechanism. Only through the optimization and improvement of consumption objects and consumption environment, can consumers dare to consume, be able to consume, and be willing to consume, protect existing consumption, and create new consumption, can we maximize the potential of consumers and play the fundamental role of consumption in economic development. " Chen Lifen said.
Sun Chuanwang, associate professor of the School of Economics of Xiamen University, said that to promote residents' consumption, not only needs to continue to increase in consumption, but also should be reflected in improving consumption quality.
Cai Fang, Vice President of the Chinese Academy of Social Sciences, pointed out that accelerating the reform of the income distribution system and increasing the amount of money in people's pockets can ensure the trend of consumption growth.
