Evolution Logic, Typical Characteristics, and Policy Orientation of Consumption-Led Economy

Abstract

Enhancing the basic role of consumption in economic development is an important way to enhance the endogenous stability of economic development and to promote high-quality economic development. The focus of economic development has shifted from production to consumption, the stage of economic development has shifted from supply constraints to demand constraints, the economic development strategy has shifted from export-oriented to the new pattern of dual circulation, and the economic development model has shifted from extensive growth to high-quality development, which has promoted the transformation of economic development momentum from an investment-led economy to a consumption-led economy. Consumption plays a fundamental role in economic development, and matched production, equal distribution, and smooth exchange provide conditions for consumption to promote economic development, which is a typical feature of a consumption-led economy. China is generally in the primary stage of a consumption led economy. To promote the transformation of China’s economic development momentum, it is necessary to match the economic development momentum with the economic development stage and promote the adaptive transformation of the economic development momentum from an investment-led economy to a consumption-led economy.

Keywords

economic development momentum / consumption-led economy / evolution logic / typical characteristics

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Higher Education Press