For such a complicated question, you are really lucky to meet such an enthusiastic person like me. Let alone 100 points, even if 1,000 people answer it, they will only perfunctory you. Take a look at my answer:< /p>
1.
Effective demand is the key concept of Keynesian economics. The so-called effective demand refers to the total social demand when the total supply price and total demand price of commodities reach equilibrium. Insufficient effective demand is due to insufficient purchasing power of money, which leads to depression. Keynes tried to explain the lack of effective demand with three major psychological laws. The first is the law of diminishing marginal propensity to consume. The so-called diminishing propensity to consume of marginal utility means that as people's income increases, the proportion of the last unit of monetary income used for consumption decreases. So, how does the marginal propensity to consume affect effective demand?
As we all know, Keynes aimed to solve production problems through consumption. He went against the traditional economic view that production is very important and raised consumption to a supreme position. In his view, the ultimate goal of all production is consumption. He considers in detail the objective and subjective factors that influence consumption. For example, the objective factors he mentioned include changes in income and unpredictable changes in capital value; subjective motivations include establishing reserves to prevent unexpected events so that future expenditures will gradually increase without falling. Capital for speculation or business development, leaving property to future generations, etc. On this basis, his overall conclusion and systematic insights are: ① When people's income increases, consumption also increases, but the proportion of increase in consumption is not as large as the proportion of increase in income. When income decreases, consumption also decreases, but not as much as the decrease in income. The marginal propensity to consume of the rich is usually lower than that of the poor. This is because the consumption of the poor is the most basic consumption. The reason why the poor are poor is because basic living necessities account for a large proportion of their income. The reason why the rich are rich is that they have already surpassed the level of basic needs. , basic subsistence necessities account for a small proportion of their income. ②The marginal propensity to consume depends on the nature of income. Consumers choose their spending levels largely with an eye on long-term income prospects. Long-term prospects are called permanent income or lifetime income, and they refer to the average level of income an individual will receive in good or bad years. If the change in income is temporary, then a significant portion of the increase in income will be stored. Individuals with unstable incomes generally have lower marginal propensity to consume. ③People’s expectations of future income have a great impact on marginal propensity to consume. The reduction in the marginal propensity to consume makes the depression even more depressed.
The second psychological law used by Keynes is the law of diminishing marginal efficiency of capital. The so-called law of diminishing marginal efficiency of capital means that the profit rate that people expect to obtain from investment (that is, the expected profit rate) will tend to decline due to the increase in the cost of added assets and equipment and the expansion of the amount of capital produced. After Keynes used the law of marginal propensity to consume to explain insufficient consumption, he then used the collapse of the marginal efficiency of capital to explain insufficient investment.
What has a profound impact on people is that Keynes seems to focus more on consumption theory and consumption policy. Not really. According to Keynes, the so-called consumption problem is only caused by the collapse of the marginal efficiency of capital and insufficient investment. The latter is the cause and effect of the former. In the concluding chapter "A Brief Discussion of Business Cycles" in "The General Theory", Keynes believed that the cause of business cycles lies precisely in the marginal efficiency of capital, and people's expectations of the diminishing marginal efficiency of capital trigger business cycles. Keynes wrote that for the explanation of the business cycle, "In particular, the author should focus on consumption propensity, flexible preference state, and the marginal efficiency of capital. Changes in these three have their own roles in the business cycle. But I think that the business cycle Therefore, it can be called a cycle, especially the regularity in the length of the time period, which mainly arises from the changes in the marginal efficiency of capital." What an important finishing touch!
Keynes described in detail how expectations of the marginal efficiency of capital, that is, the future return on capital, lead to business cycles. Keynes wrote: “The characteristic of the boom period is that ordinary people have optimistic expectations about the future returns of capital. Therefore, even if capital goods gradually increase, their production costs gradually increase, or interest rates rise, they are not enough to hinder the increase in investment.
However, in the organized investment market, most buyers have no idea what they are buying. What speculators focus on is not making reasonable estimates of the future returns of capital assets, but speculating on what market sentiment will be like in the near future. Changes occur, so in a market where optimism is excessive and over-buying occurs, when disappointment comes, it will come suddenly and violently. Not only that, when the marginal efficiency of capital collapses, people's view of the future also becomes bleak and uneasy. As a result, flexibility preferences increase sharply and interest rates continue to rise. This can lead to a sharp decline in investment volume: but the focus of the situation is , is still collapsing before the marginal efficiency of capital - especially capital goods that were highly valued in the past. As for flexible preference, in addition to the increase in business or speculation, it must increase after the marginal efficiency of capital collapses." This means that the more the marginal efficiency of capital is expected to collapse, the less likely it is to invest or invest. consumption, thus having a preference for flexible preferences.
The third basic psychological law Keynes used to explain the economic crisis is the so-called flexible preference law, which means that people are willing to keep more money. The psychological regulation of being unwilling to maintain other forms of capital. Keynes believed that flexible preference is a reflection of underconsumption and underinvestment, and is specifically determined by the following motivations: ① Transaction motivation refers to the convenience of daily life. The desire to hold currency; ② prudential motivation, refers to the desire to hold cash to cope with various emergencies; ③ speculative motivation, refers to people's willingness to hold cash to look for better profit opportunities due to the uncertainty of the future of interest rates. These three motivations, especially the cautious motivation, show that when faced with many uncertainties, people usually do not dare to use their savings easily.
Keynes used his three psychological laws that are consistent in internal logic to deal with economic crises. A new explanation was given, and on this basis, a new way of thinking about getting out of the crisis and out of the depression was formed.
2.
① It is conducive to promoting the optimization and upgrading of the industrial structure and improving economic growth. Quality and efficiency ② It is conducive to improving the efficiency of energy resource utilization and realizing the transformation from a resource-consuming economy to a resource-saving economy ③ It is conducive to realizing the transformation of economic growth mode and promoting the coordinated development of man and nature ④ It is conducive to adapting to the international economic globalization trend to improve the competitiveness of Chinese enterprises
The difference between Made in China and Created in China is that manufacturing is to earn downstream profits, and now with the intensification of competition, it is increasingly difficult to maintain this profit for the enterprise. Survival, for example, many of the things we use in daily life, such as TVs, mobile phones, DVDs, etc., because many technical cores are in the hands of others, they have to pay patent royalties to them, and domestic companies only work hard for others. For example, we usually see many world-class brands. Their manufacturers are actually some Chinese companies. Chinese companies produce high-quality products, which are labeled by these companies and then make high profits. It is to improve the independent innovation capabilities of Chinese enterprises and control the core technologies of some products in their own hands, thereby getting rid of the control and constraints of foreign enterprises.
Made in China vs. Created in China: The biggest difference is quality
p>We all hope to have China Creation, but many economists and managers believe that China does not yet have China Creation, and we have no way to summarize the success of China Creation! I think this summary is wrong! Created in China, and created in China is extremely successful. I think Mr. Robin Li in front of me is the representative of success. The Internet has become the trend of economic development in the past ten years and represents the best technology and the most complete organization in the world. Form. The Internet has gone through three times, the first was a bubble and the second was e-commerce. In the past ten years, the Chinese people have had a full say in the Internet industry. China's Internet is the banner of creation and is held high, but we have not summarized it enough. Riding on Yahoo to become a global giant, but what about entering China? Sina, Sohu, NetEase, TOM... are all riding on Yahoo. Now Yahoo has lost more than one billion US dollars and still doesn't know where the profit is? Don’t we know how to applaud POPO? Amazon spans the world, but what about China? Joyo cannot beat Dangdang, and there is another company that entered China and acquired eBay, but eBay cannot beat Taobao.
The third one is search. His IPO was conducted on the Internet. It created the world's largest IPO and the highest level of company development in the world.
But what about entering China? I just communicated with Robin Li, and the market gap between him and Baidu is not narrowing but widening. The first questionnaire that GOOGLE answered was when will it stop losing money? Microsoft is invincible all over the world, but in terms of instant messaging, QQ is far behind. We think of Ctrip and Shanda. Not only can we be proud of this, they truly represent Chinese websites. Some people say that the Internet will definitely become the fourth popular one, B2B. This will be Chinese entrepreneurs teaching Americans how to do the Internet!
When I talk about this, I am not simply trying to boost pride. Why do state-owned enterprises dare not open up the market? If the market is opened up, he will die. Because we think that what is greater behind the brand is quality. The biggest difference between Made in China and Created in China is quality. Starting from Sina, there is no state-owned enterprise. Which state-owned enterprise has succeeded in the Internet? No! The Internet not only rejects state-owned enterprises, but also rejects self-employed people. Which self-employed person has succeeded on the Internet? No! The Internet supports a brand-new economy based on the knowledge economy.
I remember that in March 2002, Robin Li and Zhang Chaoyang and I summarized the most common points between us at the Internet Conference. We all graduated from university and grew up in Chinese culture and education. We were all poor more than ten years ago. Chaoyang said he only had $50 in his pocket when he arrived in the United States, and Robin Li said he didn't even have $50. This is what we have in common! But the other thing we have in common on stage is that the three of us have become millionaires. What's more important is that the three of us became rich not because our families had money, nor because we invested large amounts of capital in the company. The three of us used the knowledge-based economy system to persuade investors to invest their money. We use our abilities and knowledge to make ourselves rich. More importantly, it’s not that the three of us became rich ourselves. When each of us entered the billionaire industry, we brought a large number of people, a large number of poor people’s children, to make them rich together with us.
When we went public in 2003, we created 260 billionaires overnight. I have been proud of this for a long time. I heard that when Robin Li went public, he broke my record and left him far behind. Robin Li is quite honest and honest. He never said he broke my record. But I am proud of it. Any company can create millionaires at the speed of Microsoft. Why should your company not worry about it? From this perspective, should we re-understand the difference between Made in China and Created in China? Made in China advocates capital. In our MBA lectures, there are two basic points in the explanation of the modern enterprise system. Whoever invests gets the benefits, and all interests belong to the investors. The second is the separation of operation rights and management rights. But none of the Chinese Internet companies are like this. In all Internet companies, investors invest all the money. Robin Li is the CEO of Baidu, and I am the CEO of HC. These two points are fundamental subversions of the traditional system. Chinese Internet companies not only rely on such a system to succeed, Microsoft, Yahoo, Pfizer, and more than 80% of the world's most powerful high-tech companies were developed based on knowledge, big capital, and small capital.
From Made in China to Created in China: The key lies in changing the system
How to move from Made in China to Created in China? The most critical thing is to change the system, turning the simple capital system into a system that combines capital and knowledge, and eventually move towards knowledge as the mainstay and capital as the supplement. This is the only way out for China Creation in the system!
Today’s theme is the future dream of Chinese brands. What is a dream? Dreams are about thinking of the most beautiful places and the best things. Everyone has to dream. Martin Luther once had a dream. His dream was expressed as: I hope that one day the descendants of slaves can have brotherly friendship with the descendants of slave owners in the mountains. Today we are paying tribute to this dream. direction to go. When the knowledge economy continues to spread, I hope that in more companies, yesterday's boss and yesterday's worker will be talking about brotherly friendship. In the distribution of their interests, it is difficult to tell who is the boss and who is the worker. . What they care about is no longer how much the bosses get or how much the workers get. What they care about is how to turn Made in China into Created in China and let China Create the great dream of making the Chinese people rich!
Unfortunately, our country’s current system and academic theoretical research do not support knowledge in many aspects and are lagging behind in many aspects.
As long as the Chinese operate under the same system as Americans and Europeans, coupled with our diligence and intelligence, we will be invincible! The Internet is in China, and the overall success of Chinese entrepreneurs on the Internet has deeply proved this point. But we should understand that the planned economy cannot defeat the market economy, and the capital economy cannot defeat the knowledge economy. We were defeated by others in Humen. We concluded that we were defeated by foreigners' cannons. However, China's feudal agricultural system could not defeat Europe's advanced and developed industrial system. We were defeated by the system.
However, today, the most important thing is that a group of outstanding entrepreneurs in China have bravely stood up in the economic system and declared to the world that China is not only a manufacturer, but also an important player in world creation. birthplace. I have a dream: I hope that when we withdraw from the company, when we people pass away, in a hundred years, when everyone has forgotten Robin Li and Guo Fansheng, our descendants will remember this era and remember this era. Since this era, it has been a group of people who have pushed Made in China to Created in China, turning China from moderately prosperous to prosperous and powerful. I hope we will remember today as an ordinary day, but an ordinary day may turn into a very extraordinary day. When Deng Xiaoping was born and Washington was born, no one thought that day was anything special. But a few years later, many people said that I witnessed the birth of a great man. Today we are talking about brand China. We are not talking about manufacturing brand China. We are talking about creating brand China. I believe that many companies will surpass Baidu after Baidu. This is our hope!
3.
A variety of signs show that my country’s residents’ consumption will develop in a diversified way. Relevant departments of the National Bureau of Statistics have analyzed and predicted from the perspective of my country's economic development prospects and residents' income and expenditure status that my country's residents' consumption demand will undergo various changes in the next few years. The expenditure structure of urban residents will undergo qualitative changes. According to a survey of residents in 14 cities across the country, only 41% of residents said they spent money on traditional expenses such as buying large items, buying treasury bills, saving money to earn interest, and saving money for retirement. 72.4% of residents spent money on new expenditures such as cars, buying houses, house renovations, children's education, traveling, studying abroad, running companies, buying stocks, etc. Excluding the daily expenses necessary for daily life, the new expenditure structure has three major characteristics: from product consumption in the past to service consumption led by education; product consumption from mid- to low-priced products in the past to computers The three major high-priced products, namely, new products, automobiles and houses, are mainly used; the use of life balance has changed from depositing in banks in the past to venture capital. Policies to encourage consumption will play a role in promoting the market. In the next few years, the country will continue to implement encouraging consumption policies to promote the consumption of urban and rural residents, mainly including: cleaning up and rectifying policies that inhibit consumption in electricity, house buying, car buying, communications, etc., and expanding consumer credit. It is reported that the first goal of implementing encouraging consumption policies is to gradually increase the final consumption rate of residents from the current 59% to 65% close to East Asian countries; the residents’ consumption rate will gradually increase from the current 47% to close to 52% of East Asian countries. % level. According to this goal, the growth rate of household consumption will be 1%-2% higher than the GDP growth rate in the next few years. Resident consumption will show a diversified trend.
For a long time, my country's economic development has almost formed a fixed trend, that is, investment and foreign trade have become strong driving forces, while consumption has been in a weak or weak state from time to time. If this state occurs within a short period of time or a specific period, it is not a serious problem. However, from the perspective of long-term economic development, especially for a large country like ours with a population of more than one billion, it is an issue worthy of special attention. This problem has become particularly prominent and urgent in recent years due to changes in the economic and social environment at home and abroad.
First of all, let’s look at foreign trade. In 1999, my country's total import and export volume was US$360.63 billion, of which foreign trade exports were US$194.93 billion, and the foreign trade surplus was US$29.23 billion. By 2003, the total import and export volume reached US$850.9 billion, and foreign trade exports reached US$438.2 billion, more than doubling in each of the five years.
In 2005, the total import and export volume reached 1.4 trillion US dollars, and the foreign trade surplus exceeded 100 billion US dollars. The rapid expansion of the scale of foreign trade and the surge in exports and foreign trade surpluses have effectively boosted my country's economic growth, but also caused or implied a series of new problems: First, trade frictions have increased in foreign economic and trade relations.
Trade protectionism is on the rise in developed countries. A major trading partner country has even established a so-called special supervision agency for China's foreign economic and trade activities, constantly putting pressure on China and worsening the foreign trade environment. Second, the rapid expansion of foreign trade import and export volume and export volume have made my country's national economy highly dependent on foreign trade and exports, reaching about 70% and 40% respectively, which are even much higher than the current levels of some developed countries. Its negative impact is that it makes our country's economy more easily affected by fluctuations in the international economy and international markets. Under the conditions of economic globalization, the economies of various countries are interdependent and influence each other, which is inevitable. But the seriousness of the problem lies in the fact that our country is a large developing country with weak ability to resist risks and excessive dependence on foreign economies. It is easy to be restrained by others and passive in economic development. This urgently calls for our vigilance. Third, although my country's total foreign trade and exports are relatively large in scale, the structure is not reasonable and export products are mostly labor-intensive and low-tech products. This is determined by the excessive employment pressure and low economic and technological level in our country, and it is difficult to change in a short period of time. The lack of independent innovation capabilities and its own brand advantages has greatly reduced the benefits of my country's export products. Often, my country only gets a very small share of meager processing fees from the huge export volume, and even has to pay for waste of resources and the environment. The cost of deterioration. This kind of extensive foreign trade export is not a long-term solution.
Secondly, from an investment perspective. Over the years, my country's economic growth has followed a path dominated by investment. In the 26 years from 1978 to 2003, my country's investment rate (the ratio of total investment to gross domestic product) was above 35% in 18 years, and above 40% in 4 years, of which it was as high as 42.3% in 2003. . It is worth studying to increase the investment rate to 35% to 40% or even higher in the long term. First, if the investment rate is too high, it will inevitably reduce consumption. Because GDP is ultimately divided into two parts based on expenditure calculations: investment and consumption (due to statistical calculations, there may be errors in adding the two, but they are generally similar), an excessively high investment rate will inevitably depress consumption, and consumption is an important factor in economic development. What ultimately matters. Second, excessive investment rate will inevitably be accompanied by low-level duplication and blind construction, which has almost become a chronic disease that has not been cured in our country for many years. A prominent manifestation at present is the serious overcapacity of some products. A survey shows that my country's excess crude steel production capacity is nearly 100 million tons, which is simply incredible. There is also a large amount of overcapacity in automobile manufacturing, household appliance manufacturing, clothing, textile and other industries. Products produced with overcapacity either increase inventory or are sold at low prices, creating vicious competition and harming the development of the industry. In addition, it has caused a lot of waste of precious resources that we are already in short supply, and of course also increased the burden on the environment and caused damage. Third, due to the simultaneous effects of the above two points, the result of an excessively high investment rate is to increase the volatility of the economic cycle and affect the smooth operation of the national economy. It can also be seen from the history of my country's economic development that continuously high investment rates will inevitably drive excessively fast and strong economic growth. This kind of growth cannot be maintained for a long time without corresponding market support and industrial coordination. In the end, the government can only carry out drastic so-called adjustments and rectifications in the face of the national economy. The consequences will be the "big boom" after the national economy. fall".
Now let’s analyze the issue of consumption. Let’s start with a set of statistics. From 1978 to 2003, my country's final consumption rate (including the ratio of total consumption of residents' consumption and government consumption to GDP) was lower than 60% in 9 years. They appeared in the "Eighth Five-Year Plan" and the "Ninth Five-Year Plan" respectively. ” period and the first three years of the “Tenth Five-Year Plan”. For example: 59.8% in 2001, 58.2% in 2002, and reached the lowest value of 55.5% in 2003. Preliminary estimates of the statistics in the past two years show that they are generally similar to the values ??in 2003. This kind of consumption rate is much lower than the consumption rate of 70 or 80 percent in the world. We know that consumption and production interact with each other. The most direct connection is that consumption is the market for production, and market capacity determines the prospects for production. In this sense, consumption determines production. Consumption is the motivation, driving force and ultimate goal of human production activities. We often say that the purpose of socialist production is to meet the people's growing needs for material and cultural life. In the final analysis, it is to meet people's consumption needs.
Therefore, no matter from the perspective of the general laws of production development, the essential requirements of our country’s socialist system, or the domestic environment and conditions faced by our country’s economic development today, our country’s economic growth must be based on foreign trade, exports and investment. The economy will shift from a focus on pull to a track focused on domestic consumption. This should not be seen as a stopgap measure to deal with current problems, but as an important manifestation of the implementation of the Scientific Outlook on Development.
Expanding domestic demand and enhancing the power of consumption to drive economic growth have been talked about for many years, but the results have not been significant. Judging from the statistics cited earlier, the consumption rate has been declining in recent years, which should be taken seriously by governments at all levels and seriously addressed. Starting from the scientific outlook on development, we should seriously solve the following three aspects of problems.
First, increase residents’ income. Income is the basis of residents' consumption, and residents must have enough income as a means of payment to meet their consumption needs. Since the reform and opening up, the income of urban and rural residents in my country has doubled. Such growth has increasingly become an important force supporting the rapid development of the national economy. The current problem is that the current growth of my country's residents' income does not match the development of the national economy, and residents' consumption is far from enough to become the main force driving economic growth. Using data from 1978 to 2003 as evidence, calculated at comparable prices, the GDP in 2003 was 9.4 times that of 1978, the per capita income of rural residents in 2003 was 5.5 times that of 1978, and the per capita income of urban residents in 2003 Revenue is 5.2 times that of 1978. In addition to the impact of population increase, the growth rate of GDP is still much higher than the growth rate of residents' income. Where did the high piece go? It is obviously used to increase investment. Therefore, my country's investment growth rate over the years has been much higher than the growth rate of GDP. It can be seen from this that it is not surprising that my country's economy has always been dominated by investment. Encouraging residents to consume, expanding consumption, and shifting the development of the national economy to a consumption-oriented track. In the final analysis, it is necessary to gradually and significantly increase the income of urban and rural residents and change the current low proportion of consumption in GDP. pattern, that is, to increase the consumption rate. According to the historical experience of my country’s economic development, the consumption rate should not be less than 60%. It is necessary to keep the consumption rate roughly in sync with the growth rate of GDP.
Second, narrow the excessive income gap among residents. At present, there are many different "versions" of the Gini coefficient that expresses the income gap among residents in my country's society. The most commonly used value is around 0.45. The income gap between social residents reflected in this value is obviously relatively large. The specific manifestation is that the income gap between urban and rural residents and the income gap between regional residents continue to expand. Among them, the problem of unreasonable income among different industries is extremely serious. This is mainly because the income of workers in monopolistic industries is significantly higher than the income of workers in general industries. According to statistics from the National Bureau of Statistics, the top four industries with the highest wages in cities are: finance, insurance, scientific research and comprehensive technical services, production and supply of electricity, gas and water, transportation, warehousing and Postal and telecommunications industry. The four lowest industries are: agriculture, forestry, animal husbandry, fishery, wholesale and retail trade and catering, manufacturing, and mining. The wages of workers in finance and insurance, the highest-wage industries, are three times higher than those of agriculture, forestry, animal husbandry, and fishery workers in the lowest-wage industries. In addition to scientific research and comprehensive technical services, the four industries with the highest wages, such as finance, insurance, electricity, gas, water, transportation, postal and telecommunications, etc., all have natural monopolies and industry monopolies. The industries ranked lowest are mostly industries that use a large number of migrant workers. It should also be pointed out that the more monopolistic industries have more gray income, the income gap between them and workers in other industries cannot be fully reflected in wage statistics. Therefore, the income gap between monopolistic industries and other industries will actually be larger than the statistical figures, and such a gap is neither fair nor efficient.
The excessive income gap among residents is obviously not just an economic problem, it is related to social harmony and stability. Beijing is very right to regard narrowing the income gap among residents as an important indicator in the indicator system for building a harmonious society. The low income of most ordinary residents will greatly restrict consumption, which in turn restricts the development of the national economy.
Because although high-income people have huge personal consumption, they only account for a very small proportion of the total population, and the share of their newly increased income used for consumption is also low (the so-called marginal consumption rate is low), so high-income people It has relatively little effect on increasing social consumption rate. The main subjects of increasing social consumption rate are the middle- and low-income groups who account for the vast majority of the population. Although their personal consumption is not high, due to their large number of people, their total consumption is large, and a larger share of their newly increased income is used to increase consumption (the lower the income, the more obvious this tendency is, because they still have Many of the most basic consumer needs are not met). Therefore, vigorously increasing the income of low-income groups, expanding the proportion of middle-income groups in the population, and narrowing the excessive income gap are the fundamental ways to expand consumption.
Third, regarding social security issues. This is another important institutional obstacle currently restricting my country's residents' consumption. Nowadays, the social security system established under the planned economic system in our country has been abolished, and a new social security system adapted to the market economic system is still in the process of construction. In particular, social security in the vast rural areas of our country is extremely weak. In this case, people have great uncertainty about their future life security expectations and lack the necessary sense of security. The response for ordinary residents, even those on low incomes, is to save more. Our country is one of the few countries in the world with a high savings rate. In 2005, the balance of deposits of our residents exceeded 14 trillion yuan, and per capita savings exceeded 10,000 yuan. However, our annual GDP only exceeded 18 trillion yuan. The savings rate is so high, which is influenced by the traditional thinking of our residents. However, uncertainty about future expectations is a more important reason. If the previous two points are about residents who don’t have much money and have no ability to spend more, then what we are talking about here is that most residents do not dare to spend even if they have some money.
In short, increasing residents' income, narrowing the income gap, and improving the social security system are the main issues that need to be solved to shift the development of the national economy to a consumption-driven track. Of course, consumption-driven growth does not mean to deny the role of investment and foreign trade exports in driving the economy. It is still the "Troika" that drives the economy, but it just needs to make key adjustments. Furthermore, consumption is the main driver, and this applies to the whole country. Each region has its own unique resources and specific conditions and cannot be generalized. Moreover, the transformation from investment-driven to consumption-driven is a gradual process and cannot be accomplished overnight.