The Connotation and Implementation of Demand-Side Management:From the Perspective of“Macro-Policy Trinity”

As an important strategic direction of China's 14th Five-Year Plan,strengthening demand-side management aims to build an effective system to boost domestic demand,establish a complete demand system,and develop a robust domestic market,thereby promoting the realization of the growth goals by 2035 and the second centenary goal by the mid-21st century.Different from traditional aggregate demand management,demandside management introduces a host of new attributes pertaining to its regulatory scope,regulatory goal,regulatory strategy,regulatorytarget,andregulatoryinstrument.Demand-side management does not seek to replace aggregate demand management;rather,both assume pivotal roles in macrocontrol and their coordination are of utmost importance.In real scenarios,demandside management should synergize with supply-side structural reform,which is helpful to foster a new development pattern with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.To effectively implement demand-side management,it is imperative not to replicate the approach used in aggregateedemand management.Only by further innovating and improving the macro-control system with Chinese characteristics and coordinating the stability policy,growth policy and structural policy can the demand-side management be truly implemented under the new framework of“Macro-policy Trinity.”