The Central Economic Work Conference was held in Beijing from December 11th to 12th. Among them, "vigorously boosting consumption" is placed at the top of next year's key work tasks, emphasizing the need to vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand. This sends a clear signal that consumption is becoming a strategic support point for China's economic development. From a global perspective, in the face of geopolitical conflicts and uncertainty in international trade, China's comprehensive expansion of domestic demand is not only related to economic stability but also to economic security. It is not a stopgap measure, but a strategic move. By vigorously boosting consumption, we can embark on a more stable and sustainable path of endogenous development. Currently, the proportion of consumption in the national economy is increasing, but it is facing the problem of insufficient domestic demand. On the supply side, in the first three quarters, the added value of industrial enterprises above designated size in China increased by 5.8% year-on-year. But on the demand side, from January to November, the total retail sales of consumer goods in China reached 44272.3 billion yuan, a year-on-year increase of only 3.5%, far lower than the historical growth rate of about 10% in the previous decade, indicating that there is significant pressure on consumption growth. Therefore, the 2024 Central Economic Work Conference has put "vigorously boosting consumption, improving investment efficiency, and comprehensively expanding domestic demand" as the top priority of next year's economic work, which is of great significance. There are many driving forces to vigorously boost consumption, mainly in the following two aspects. One is to vigorously boost service consumption, making it a new engine to drive consumption. Service consumption covers a wide range of service scenarios, including catering, accommodation, transportation, education, healthcare, information, finance, and more. We should vigorously improve the quality of service consumption supply to make the public willing to consume. On the one hand, expanding the opening up of the service industry to the outside world. Relying on platforms such as the National Service Industry Expansion and Opening Comprehensive Demonstration Zone and the National Service Trade Innovation and Development Demonstration Zone, we will relax market access for the service industry, continue to deepen the opening up of telecommunications, education, elderly care, medical care, health and other fields, improve the supply level of related services, and enable the public to enjoy higher quality services at a more fair price. On the other hand, eliminating unreasonable regulatory measures in the service industry, breaking the monopoly behavior of some service industries, attracting more business entities to participate in competition and more social capital to participate in investment, and creating a healthy development environment for the service industry. At the same time, actively expanding the service consumption scenarios and integrating service consumption into people's daily lives. Combining service consumption with commodity consumption, creating various consumption scenarios, such as holiday consumption, ice and snow consumption, cultural consumption, tourism consumption, health consumption, etc., to stimulate people's willingness to consume. Emphasize intelligent consumption, actively cultivate the "artificial intelligence+consumption" model, and meet the public's pursuit of high-tech and high-quality life. Secondly, we will continue to increase policy support and introduce a package of practical and feasible policies to promote consumption. On the one hand, emphasizing the important role of residents' income in promoting consumption. Improve the reform of the income distribution system, promote the increase of income for middle and low-income groups, ensure the income of rural residents, and stimulate the willingness of young people to increase their income. On the other hand, stimulus and reform should be combined. In the short term, the stimulating effect of fiscal policy should be exerted, and in the long term, the reform of the fiscal system should be increased. The fact proves that China's policy of exchanging old for new consumer goods has achieved good results. From January to November 2024, the sales revenue of household audiovisual equipment retail such as televisions and daily household appliances retail such as refrigerators increased by 15.9% and 18.7% respectively year-on-year, higher than the overall growth rate of the retail industry. Therefore, we should continue to increase the intensity of the "two new" policies, expand the scope and coverage of policy support, encourage green consumption, intelligent consumption, and service consumption, and promote consumption upgrading and transformation. At the same time, deepen the reform of the fiscal and taxation system, and strengthen the efficiency of the utilization of fiscal funds. Implement a series of fiscal reform measures proposed at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, strengthen the investment of fiscal funds in the field of people's livelihood, and make more use of them in areas that benefit people's livelihoods, including education, healthcare, housing, employment, public services, etc. In terms of education, we will expand the supply of inclusive education resources, support funding for the development of preschool education, and strengthen enrollment and childcare services. In terms of employment, special attention should be paid to the employment of college graduates, full-time mothers, social groups who have lost their jobs due to declining business performance, as well as vulnerable groups such as migrant workers, migrant workers, and people with disabilities. Corresponding financial funds should be arranged to provide support and increase employment assistance. In short, we should enhance the sense of gain and happiness of the people from all aspects, and improve their willingness and ability to consume. Vigorously boosting consumption has become a top priority in China's economic work. We should closely focus on the new development concept, give full play to the driving and propelling role of consumption in the national economic cycle, use consumption to drive and feed back industrial development, use industrial development to promote consumption upgrading, better coordinate the relationship between supply and demand, and promote a higher level of dynamic balance between domestic total supply and total demand. (Liao Xinshe) (Shen Yujing Chongyang Institute of Finance, Renmin University of China)