Recently, Pan Gongsheng, President of the People's Bank of China (hereinafter referred to as "the central bank"), made a keynote speech at the seminar on emerging market economies, pointing out that in 2024, China's economy will continue to recover and improve, achieving the annual economic growth target of 5%. Especially since late September last year, the Chinese government has launched a package of incremental policies, effectively boosting social confidence and leading to a significant economic recovery. Pan Gongsheng also stated that in the next step, the Chinese government will implement a more proactive fiscal policy and a moderately loose monetary policy, strengthen the countercyclical adjustment of macroeconomic policies, continue to promote the transformation of China's economic growth model, and consolidate and enhance the positive momentum of economic recovery. In fact, recently Pan Gongsheng has mentioned more than once about "promoting the transformation of China's economic growth model". In January of this year, Pan Gongsheng emphasized at the Asian Financial Forum that "actively promoting the transformation of China's economic growth model, improving the quality and sustainability of economic growth", and further stated that "the direction of China's macroeconomic policies will shift from being more investment oriented in the past to emphasizing both consumption and investment, and placing greater emphasis on consumption". From the Central Economic Work Conference and recent official statements, it can be seen that China's macroeconomic regulation and control ideas are dynamically adjusting and optimizing, shifting towards equal emphasis on investment and consumption, and paying more attention to the transformation of consumption. Industry experts said in an interview with reporters that to vigorously boost consumption, it is fundamentally necessary to effectively increase residents' income and improve people's livelihood security. Residents have no worries about their future, they can consume and dare to consume, and their consumption potential can be continuously released, forming effective demand for consumer credit and achieving a virtuous cycle of economic and financial development. The expert stated that in the future, more policy synergy should be exerted to promote consumption. Compared to other policies, fiscal policy has the advantages of not increasing residents' debt, wide support, and good leverage effect in promoting consumption. At the same time, policies such as social security for low-income groups, elderly care, and childcare also have great potential for development. Liang Si, a researcher at the China Bank Research Institute, told reporters that currently boosting consumption is not only to enhance residents' consumption ability, but also to actively take measures to promote the reasonable growth of residents' wage income, steadily expand property income channels, promote income growth and burden reduction for low - and middle-income groups, and reasonably optimize retirement pensions and medical insurance subsidies for urban and rural residents; On the other hand, we should deeply tap into the potential of consumption, promote the improvement of service consumption to benefit the people, promote the upgrading of bulk consumption, strengthen the leadership of consumer brands, support the accelerated development of new consumption, innovate diversified consumption scenarios, and cultivate new hotspots such as "artificial intelligence+consumption" and healthy consumption. In addition, it is necessary to create a reassuring consumption environment, continuously optimize the consumption environment, improve quality standards, credit constraints, comprehensive governance, consumer rights protection and other systems, and smooth channels for consumer rights protection. (New Society)