Guojin Securities' Song Xuetao: Cultivating new types of consumption is expected to become a new driver of boosting consumption next year.

Song Xuetao, Chief Economist of Guojin Securities, stated that the primary task of next year's economic work determined at this year's Central Economic Work Conference is to "adhere to domestic demand as the main driver and build a strong domestic market." Boosting consumption through a combination of measures and accelerating the filling of domestic demand gaps will be the driving force and stability anchor for economic growth next year. Song Xuetao emphasized that enhancing residents' consumption capacity is key to boosting consumption, with the core focus on promoting income growth and reducing burdens for key groups. In terms of income growth, measures such as promoting employment, improving the social security system, and optimizing income distribution structure will steadily expand the middle-income group and promote a more balanced income distribution pattern, thereby increasing overall consumer tendency among residents. In terms of reducing burdens, continuous improvement of public services related to education, healthcare, and housing is crucial. Implementing measures such as providing childcare subsidies, promoting free preschool education, popularizing consumer subsidies for elderly care services, and increasing basic old-age pensions for urban and rural residents, under the principle of "investment in people," are important levers to enhance residents' consumption capacity. Song Xuetao also mentioned that nurturing new types of consumption is expected to become a new focus for boosting consumption next year. The National Development and Reform Commission recently stated that they will "accelerate the introduction and implementation of policies to boost consumption in areas such as the sharing economy, sports economy, e-commerce, and 'artificial intelligence plus' consumption, and vigorously develop silver economy and ice and snow economy," these areas are expected to become important drivers of consumption growth next year.