The current lack of demand in my country is not applicable to the theory of insufficient valid demand，It is essentially due to the fact that the supply structure is not fully matched with demand，It is difficult to fulfill the potential real needs，The supply of excess is the invalid supply that does not match the real needs。visible，my country is in the "Insufficient Supply Supply" stage，Only optimize the supply structure、Promote the matching of supply and demand，can we enter a higher level of supply and demand dynamic balance。

General Secretary Xi Jinping pointed out at the Central Economic Work Conference in December 2022，"Insufficient total demand is a prominent contradiction facing the current economic operation"，For this，"You must vigorously implement the strategy of expanding domestic demand"。Around this，The Party Central Committee mentioned many times the key role of effective investment。In the process of vigorously implementing the strategy of expanding the domestic demand，Explore the key role and influence mechanism of effective investment，It has important theoretical value and practical significance。

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domestic demand usually includes consumer demand and investment demand。First，Consumption needs play a basic role in economic development。Consumption is the ultimate purpose and power of material data production，It is also the direct expression of the people's needs for a better life。The income level and the supply structure jointly determine the real consumer demand。Bypassing these two stimulus consumption，In the short term, it will have a certain effect on the effect of eliminating external impact，But looking at it for a long time，It may also be an interference for the balance of supply and demand。Second，Investment bet365 Play online games demand affects economic development at multiple levels。On the one hand，Investment enters the production function through capital stock，"Bridge" that constitutes the connection demand side and the supply side，Affect the total supply and structure。On the other hand，Investment from the two paths of "production -employment" and profit expand the income of residents。​​Where，Effective investment is an investment supplied to match and demand。This essential attribute determines that effective investment can successfully complete the social reproduction cycle，Get the average return greater than zero and drive employment。So，Whether it is optimizing the supply structure better to meet demand，Still expanding the new supply of domestic demand scale，It is inseparable from effective investment。Effective investment other than valid investment，Although it is also included in the GDP of the year，But it is no different from the use of effectiveness and consumption。It can be said，The less effective investment in investment、The more invalid investment，The smaller the traffic of the social reproduction cycle，The more blocked economic development, the more the more you have.。

The changes in the current supply and demand balance relationship even highlight the importance of effective investment。Behind total demand is the market that is unbalanced supply and demand and a non -clear market。On the demand side，Consumption and investment demand growth is weak，The consumption income ratio of residents continues to decline，From 78.3%in 2000 to 68.6%in 2021; private investment growth has lagged behind GDP growth for nearly 4 years，and the investment has not been fully inflow into an industry with higher economic benefits，Calculated by the author，2016-2021 industry accounts for about 41%。On the supply side，Excessive production capacity exist for a long time，Industrial capacity utilization rate has always been lower than 80%after Bet365 lotto review 2011，Learn the profitability of the real economic department for reduction、Increased operating pressure，Leverage rate has pushed from 180%to nearly 300%。

Phenomenon of shrinking and excess supply of demand，Analysis framework for economics，It is easy to be interpreted as "insufficient valid demand"。The core idea of ​​this economics concept proposed by Keynes is，Constrained by the level of income and psychological factors，Total demand is often less than the total supply。So，The systemic confession is greater than that the market cannot be cleared，Commodity club sales、Production reduction，It is difficult to avoid unemployment。At this time，Economic growth depends on how much supply can be digested，Promoting growth、The most direct measure to cope with the impact is to stimulate demand with financial and monetary policy、Make up the gap。

But，Insufficient demand can no longer explain the phenomenon of insufficient total demand faced by my country。On the one hand，Increasing income level of residents、Distribution also improves，my country has achieved a historic leap in a comprehensive establishment of a well -off society，The revenue constraint on the demand side gradually relax; on the other hand，Traditional macro -control effects -oriented with demand -oriented are limited，Stimulation on the demand side failed to reverse the imbalance of supply and demand。So，The current lack of demand in my country is not applicable to the theory of insufficient valid demand，It is essentially due to the fact that the supply structure is not fully matched with demand，It is difficult to fulfill the potential real needs，The supply of excess is the invalid supply that does not match the real needs。visible，my country is in the so -called "effective supply" stage of the author，Only optimize the supply structure、Promote the matching of supply and demand，can we enter a higher level of supply and demand dynamic balance。Effective investment plays a key role in optimizing the supply structure，It is an important problem for cracking effective supply problems。

　　Weakened investment convergence

my country ’s social investment has long been converged for a long time，Social investment concentrated to a minority industry。As described earlier，my country's economy has Bet365 app download entered the "insufficient supply" stage，The main aspect of the contradiction between supply and demand balance has gradually changed。Investment as a bridge to connect supply and demand，During the transformation of the balance of supply and demand，Convergence of investment has gradually evolved from early promotion to hindering economic development。

After reform and opening up，Different from the income level that is not enough to increase the improvement of improvement，my country's investment and operation of state -owned capital through government investment，strongly supported some key pillar industries and advantageous industries，Make investment increasingly convergence features。In the early stage of investment flow, it is mainly agricultural, forestry, animal husbandry and fishing、Energy and transportation industry; enter the 21st century，Investment begins to gather to the manufacturing and real estate industry。Industry convergence has formed a significant scale effect，It also drives the affiliated industry。But，With the in -depth advancement of reform and opening up，Especially the economic characteristics of the great country are becoming more and more prominent，The potential needs of the people for high -quality life have become new expectations，It is difficult to adapt and match excess capacity，Supply efficiency needs to be improved。But，Due to policy inertia or market mechanism，In the past, the convergence industry still has a large number of social investment in the siphon，Weaken macro investment efficiency。On the one hand，Conferential supply of convergence industry is greater than seeking，Causes the accumulation of invalid supply; on the other hand，The disadvantages of the imperfect industrial system in the convergence mode gradually appear，New business formats that match the demand lack resource support，The function of the spontaneous matching of the existing supply system。

Existing empirical discovery，Bet365 lotto review After entering the 21st century，my country's investment convergence has a significant upward trend，and 2010-2015 at a high level of history，Just with the downward range of economic growth, it is in time dimension。other，my country's investment convergence has been reduced since 2012，It also confirms the timely and effectiveness of supply -side structural reforms。But compared with the early 21st century，The current investment convergence is still at a higher level。Logic interpretation and empirical analysis common proof，Concentric social investment model has contributed to the economy of our country.，Weakening investment convergence is an important direction to expand effective investment。Economy like a great country like my country，Especially in the background of "inverse globalization" pressure，This question should cause our thoughts。

　　Promoting expansion of domestic demand strategy

Expansion of domestic demand is inseparable from effective investment，Weaken investment convergence and better play the key role of effective investment in theoretical and practical level。Based on this，I put forward the following policy suggestions。

First，The main aspect of the main aspect of the contradiction between the balance between supply and demand，my country's economic management and macro regulation ideas also make corresponding adjustments。Keynesian demand management policy has played an active role at the stage of effective demand，But the prerequisite for the establishment of the theory assumes that fundamental changes have taken place today。my country should start from the actual national conditions，Based on the basic characteristics and requirements of Chinese -style modernization，Explore and deepen the theoretical system of socialism with Chinese characteristics。Specifically，It should focus on improving the accuracy of macro regulation、Flexibility and effectiveness，Focus on the adjustment of the structural level rather than the total amount level，Timely and Bet365 app download appropriate use of guided industrial support policies，to avoid a new round of social investment convergence。

2，Give full play to the decisive role of the market in resource allocation，better play the role of the government。Market aspect，It should be constructed to construct a standardized and orderly bankruptcy liquidation mechanism，Strengthening the survival of the fittest function，Make the market subject really assume risks and losses，to promote effective investment squeezing invalid investment、Effective supply eliminates invalid supply。Government aspect，Strengthen the government in public services、Social functions such as maintaining market order and other aspects，The focus of investment in state -owned capital can gradually shift to basic service facilities with natural monopoly attributes，Vigorously support strategic emerging industries from the perspective of creating the environment。other，It should also be improved by improving various regulations and systems，Break market barriers，Form the development of the market and the government，Promote the free flow of various types of production factors。

third，Innovation is the first power，Smelling the gap between supply and demand is inseparable from innovation。New supply to meet the needs，Its source lies in innovation，Weakening investment convergence also needs to use innovation to generate new formats。Because innovation depends on the long -term knowledge of a country、Talent and capital accumulation and other conditions，Creating an innovative environment is more efficient than pointing for element input。This requires to increase education、Employment、Policy support for social security，Constructing an inclusive policy support system，Stimulate the enthusiasm of the market subject innovation and entrepreneurship，Provide a good environment for the independent innovation of market entities。

　(This article studies and explains the Party's major project of the National Social Science Fund of the 19th Plenary Session of the 19th Central Committee of the Party "Research on the Key Activity of Investment on Optimized Supply Structure" (21ZDA037) phased results)

(Author Unit: School of Economics, Nankai University)