The 27th Peking University Guanghua New Year Forum was held at Peking University Hall on Saturday. Themed "Domestic Demand-Led, Gathering Momentum for Growth: Embarking on the New Journey of the 15th Five-Year Plan," the forum focused on key topics such as promoting a domestic demand-led approach and building a robust domestic market. Over a thousand participants attended in person, including experts in macroeconomics, finance and corporate management, as well as business leaders, faculty, students and media representatives.

Liu Shijin, former deputy director of the Development Research Center of the State Council, said in his keynote speech that the primary constraint on China's economic growth has shifted from supply shortages to insufficient demand. Liu proposed achieving long-term, stable growth by building a "consumption powerhouse," promoting a basic balance between imports and exports, and accelerating the internationalization of the Chinese yuan.

Gao Peiyong, academician with the Chinese Academy of Social Sciences, argued that promoting consumption depends on activating the endogenous momentum of household spending. Gao suggested systemic measures such as reforming the income distribution system, improving public services and social security, and strengthening expectation management to enhance residents' long-term consumption capacity.

Liu Qiao, dean of the Guanghua School of Management at Peking University, analyzed the relatively low household consumption rate from a structural perspective. He argued that boosting consumption requires influencing residents' endogenous decision-making by combining "investing in people" with "investing in physical assets." Liu recommended raising resident income, optimizing the income distribution structure, and guiding enterprises toward innovation-driven development to inject sustained momentum into economic growth.

Business leaders join a roundtable dialogue themed "New Supply Creates New Demand" at Peking University Hall on Saturday. (Photo by intern Lu Xingyu)

The forum also featured a roundtable dialogue titled "New Supply Creates New Demand." Business leaders shared practical experiences in consumption upgrades, industrial innovation and market cultivation, exploring pathways to activate domestic demand through high-quality supply.

Since its inception in 1998, the Peking University Guanghua New Year Forum, hosted by the Guanghua School of Management, has consistently addressed major theoretical and practical issues in China's economic and social development. Over the years, it has evolved into a highly influential platform for intellectual exchange in the field of economic management.