Hu Yuwei from CITIC Securities: Continuous improvement in the social security system will effectively reduce residents' willingness to save for precautionary purposes.

Today, at the 2025 China Insurance Summit, Hu Yuwei, the chief policy analyst of CITIC Securities, predicted that the consumption growth rate in 2026 will show a steady and continuous increase, significantly enhancing its role in driving economic growth. First, with the steady growth of the economy and stability in the job market, as well as the expected increase in residents' disposable income under the "urban-rural residents' income increase plan", provide a solid foundation for consumption; second, the expansion of the middle-income group will promote a structural upgrade of service-oriented and quality-oriented consumption, and the government will continue to introduce policies to encourage consumption, jointly creating a favorable consumption environment; third, the continuous improvement of the social security system in areas such as medical care and elderly care will effectively reduce residents' precautionary savings willingness, thereby releasing more immediate consumption capacity.