JPMorgan's Managing Director Zhu Haibin mentioned at the #Finance Annual Conference 2025# that the core issue in boosting Consumer spending is "having money." He believes that achieving this for residents requires two channels. The first is to create more employment opportunities through adjustments in Industry policies. He thinks that this doesn't necessarily need to be achieved through government investment and can be accomplished by relaxing Industry policies, such as opening up the service sector to generate more job opportunities. The second is through fiscal transfer payments. However, Zhu Haibin also emphasized that this should not be narrowly understood as merely distributing cash or Consumer vouchers. In his view, government transfer payments to households can take many forms, including government spending on public services, as well as transfer payments in the form of Indemnificatory Apartments and rental properties. (Rui Jian)