Economic Daily: Focus on consumption like you focus on production.

The data released by the National Bureau of Statistics in August shows that the overall operation of our country's economy is stable, and high-quality development is steadily advancing. However, at the same time, the external environment is complex and severe, with many unstable and uncertain factors, and the domestic market has strong supply and weak demand, resulting in operational difficulties for some businesses. Among them, the insufficient domestic effective demand is still the main bottleneck restricting the current economic development, manifested in inadequate consumer spending power and willingness, sluggish consumption demand, and weak growth in effective investment. In order to solve the problem of insufficient effective demand, in recent years, many policies and measures have been introduced from the central to local levels, and significant achievements have been made, but effective demand has yet to meet expectations. The reason lies in the fact that consumption, as a slow variable in the economy, needs to gradually and continuously release power under the combined effects of factors such as social distribution, supply matching, livelihood protection, and development expectations, and cannot be achieved overnight. Production and consumption are both part of the economic cycle, and grasping consumption can fully draw on the ideas and experiences of grasping production. In terms of production, we have accumulated rich practical experience. China has completed in a few decades the industrialization process that developed countries took hundreds of years to achieve, and has built a comprehensive and independent modern industrial system, with the overall scale of the manufacturing industry ranking first globally for 15 consecutive years. In the 500 major industrial products, China produces more than 40% of them as the world's largest. Especially since the reform and opening up, policies and resources across the country have focused on production investment layout, leading to economic growth, increased tax revenue, and improved livelihoods.