Expanding domestic demand is an urgent task to stabilize growth and a long-term strategy to transform the development mode. Currently, insufficient domestic demand has become a key factor restricting China's economic growth. Based on accurate analysis of the macroeconomic situation, the recently held Central Economic Work Conference explicitly proposed to "vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand", and listed it as the top of the nine key tasks for 2025. From the past focus on expanding domestic demand to the comprehensive expansion of domestic demand, it reflects a deeper understanding of the economic development situation. Expanding domestic demand is an urgent task to stabilize growth and a long-term strategy to transform the development mode. Against the backdrop of deep adjustments in the international economic landscape, rising trade protectionism, and increasing global economic uncertainty, we have a clearer understanding that the domestic market is the foundation and confidence of stable economic growth. China has a huge population, a growing middle-income group, and increasingly improved infrastructure, providing a solid foundation and vast space for domestic demand growth. However, to transform these potential advantages into real economic growth drivers, there must be a comprehensive strategic layout and practical and effective policy measures. Policy synergy is an important guarantee for expanding domestic demand in all aspects. The fiscal policy has shifted from "active" to "more active", and the monetary policy has shifted from "prudent" to "moderately loose". The two are closely coordinated and jointly inject strong impetus into expanding domestic demand. The fiscal policy optimizes the expenditure structure by means of increasing the deficit rate, issuing extra long-term special treasury bond, increasing the issuance and use of local government special bonds, etc., and inclines the expenditure to the livelihood field, which is conducive to driving investment in related industries, creating employment opportunities, improving residents' income, and promoting consumption growth. Timely reduction of reserve requirement ratio and interest rate in monetary policy, maintaining sufficient market liquidity, and lowering corporate financing costs will better stimulate corporate investment vitality, stabilize market expectations, and create a favorable financial environment for consumption and investment. Exploring the potential of consumption depth is an important driving force for expanding domestic demand in all aspects. On the one hand, we need to fundamentally solve the problem of consumer motivation. For example, implementing employment support plans for key areas, industries, urban and rural grassroots, and small and medium-sized enterprises to ensure stable employment for key groups, provide stable sources of income for residents, and increase consumption willingness; Intensify efforts to ensure and improve people's livelihoods, eliminate consumers' worries; Enhance residents' property income and improve their consumption ability. On the other hand, it is necessary to innovate diversified consumption scenarios, improve the quality of consumption supply, strengthen the implementation of the "two new" policies, and cultivate emerging consumption formats such as digital, green, and cultural tourism consumption on the basis of tapping into the potential of traditional consumption. Improving investment quality and efficiency is an important support for expanding domestic demand in all aspects. This requires paying attention to the scale and efficiency of infrastructure construction investment, ensuring the smooth progress of major projects, and filling the gaps and weaknesses in economic and social development. At the same time, guide investment to tilt towards strategic emerging industries, high-tech industries, and people's livelihood areas, and improve investment efficiency and sustainability. Encourage enterprises to increase their investment in technology research and development, enhance their independent innovation capabilities, promote industrial technological progress and product innovation, and create new market demand and investment growth points. In addition, it is necessary to fully stimulate the vitality of private investment, break down various hidden barriers, broaden channels for private investment, and enable private capital to play an important role in more fields. The efforts of accumulation are invincible; All that is done by the wisdom of the people is accomplished Expanding domestic demand comprehensively is a systematic project that requires the concerted efforts and joint promotion of the government, enterprises, and residents. By making efforts in policy coordination, consumption upgrading, investment efficiency enhancement, and confidence boosting, we can promote stable economic growth, stable employment, and reasonable price recovery. China's economy will surely stride towards the goal of high-quality development. (New Press) (Tian Xuan, the author is the Dean of the National Institute of Finance at Tsinghua University)