Increasing the Income of Urban and Rural Residents through Multiple Channels (People's Current Review) Income | Distribution | Multiple Channels
The growth of household income can provide a good foundation for the recovery of consumption. Multiple measures should be taken simultaneously, channels should be expanded, and comprehensive efforts should be made to promote sustained income growth for residents and better unleash consumption potential
In Rongjiang, Guizhou, the stands of "Village Supermarket" are bustling with people; In Huashan, Shaanxi, tourists frequently check in with their mobile phones... These vivid scenes reveal the people's fervent longing for a better life. The recovery and expansion of demand is the key to the sustained recovery and improvement of the current economy, and a strong willingness to consume cannot be transformed into consumption action without the support of consumption capacity and stable income expectations. In this sense, finding ways to increase household income can be said to be the key to expanding domestic demand and stabilizing growth.
Increasing resident income is an inevitable choice to enhance people's well-being and solidly promote common prosperity. Since ancient times, China has formed a rich concept of people-oriented economy, from the concept of putting the world under heaven and the world under great harmony, to the concept of the people being the foundation of the country and the stability of the country. The CPC adheres to the development thought of taking the people as the center, and regards serving the people as its most important achievement. The report of the 20th National Congress of the Communist Party of China proposed that "the growth of household income and economic growth are basically synchronized, and the improvement of labor remuneration is basically synchronized with the improvement of labor productivity.". This development goal points the way for steadily increasing household income.
From a practical perspective, the growth of household income can provide a good foundation for consumption recovery and help further smooth the circulation of the national economy. Although the current growth rate of disposable income of residents is leading the growth rate of GDP, the absolute speed is slowing down, which to some extent affects the willingness and ability of residents to consume. The Political Bureau meeting of the Central Committee of the Communist Party of China held at the end of April this year proposed to increase the income of urban and rural residents through multiple channels. Implementing the policy of prioritizing employment, stabilizing market entities, improving distribution systems, innovating income distribution methods, and improving multi-level social security systems... Only by taking multiple measures, expanding channels, and making comprehensive efforts can we promote sustained growth in household income and better unleash consumption potential.
Economic growth has a driving effect on household income, and stable growth is crucial for stabilizing income. Employment is the main source of income for residents, and there is a close relationship between employment and economic growth. Improving the business environment, reducing financing costs, and driving social investment are all effective measures to cope with cyclical fluctuations and expand employment. At present, in accordance with the requirements of the central deployment, various regions have organically combined the implementation of the strategy of expanding domestic demand with deepening the supply side structural reform, and highlighted the work of stabilizing growth and employment, which has achieved positive results. Relying on industry driven and necessary policy incentives to encourage entrepreneurship and expand employment will lay a solid foundation for increasing the income of urban and rural residents.
The distribution system is a fundamental system for promoting common prosperity. Recently, the National Development and Reform Commission organized an annual plenary session of the inter ministerial joint meeting to deepen the reform of the income distribution system, clarifying the key work arrangements in the field of income distribution this year. Multiple measures were proposed around continuously improving the initial distribution system, gradually improving the redistribution adjustment mechanism, and better playing the role of the third distribution. Next, we need to strive to increase the proportion of resident income in national income distribution, and increase the proportion of labor remuneration in initial distribution. By improving the policy and system of factor based distribution, we will explore various channels to increase the factor income of middle and low-income people, and increase the property income of urban and rural residents through multiple channels; At the same time, we will increase the regulation of taxation, social security, and transfer payments, and guide and support willing and capable enterprises, social organizations, and individuals to actively participate in public welfare and charity undertakings.
To increase residents' income, no one should be left behind. Strengthening assistance to disadvantaged groups and securing the bottom line of people's livelihoods should be a necessary policy option. In recent years, the social security network of the central and local governments has become increasingly dense, and the beneficiaries have been continuously expanding. Taking deepening reform as the starting point, accelerating the improvement of the multi-level social security system, increasing investment in basic public services such as elderly care and medical care, will help further stabilize residents' income expectations and enhance their willingness to consume.
Looking towards the future, leveraging more macro policies to increase household income, striving to achieve policy goals such as expanding effective demand, strengthening and optimizing the real economy, and preventing and resolving risks, will undoubtedly provide strong support for high-quality economic development and make people's lives happier and better.
