Today's Summary

The market for weekend pancakes did not provide many opportunities today, but the market for Aitay is still good, successfully earning a profit.

Successfully earned over 70 Aitay, totaling 24,000 oil

Liu Shijin: Increased government spending shifting more towards basic public services is beneficial for expanding consumption and stabilizing growth

On November 9, Liu Shijin, former deputy director of the Development Research Center of the State Council, stated at the 15th Caixin Forum that insufficient consumption, especially in service consumption, is a structural problem. He suggested using a combination of stimulus and reform to focus on solving deep-seated structural and institutional issues that restrict domestic demand within a relatively short period. He proposed three reforms. First, there should be a significant adjustment in the structure of government fiscal spending, with central finance providing the basic portion of public services. As the growth phase changes, government spending should shift more towards basic public services. He suggested striving to gradually narrow and essentially eliminate the gap in basic public service levels between urban and rural areas, as well as between new and old urban residents, over a period of 5 to 10 years, aiming for equalization of basic public services at an appropriate level. Second, deepen rural land system reform to promote the two-way autonomous flow of people, land, and capital between urban and rural areas. He suggested striving to achieve the goal of doubling the size of the middle-income group within about 10 years by improving the proportion and quality of urbanization. Third, it is necessary to form innovative long-term expectations while promoting the exit of inefficient and ineffective production capacity. Establishing long-term expectations driven by innovation, along with reliable and long-lasting legal protections for various forms of property rights, is an irreplaceable foundational condition.