Xing Ziqiang: Comprehensive social security reform is expected to stimulate a 10 trillion US dollar domestic demand market, and is the cornerstone of the internationalization of the renminbi.

Morgan Stanley's Chief Economist for China, Xing Ziqiang, stated at the Fenghuang Bay Area Financial Forum 2025 that through social security reform, it is possible to promote a unified national market, stimulate consumption, help break the current low-price cycle trap, improve business profitability, enhance employment and income prospects for the general public, significantly enhance the return on RMB assets, lay a solid foundation for the internationalization of the RMB, and allow technologies such as digital payment infrastructure to truly be effective.