At the China Macroeconomic Forum (CMF) Quarterly Forum held on June 27, 2026, Yang Ruilong, a National First-Class Professor at Renmin University of China, Co-Director of the Economic Research Institute, and Co-Founder and Co-Chairman of CMF, emphasized that addressing macroeconomic imbalances requires moving beyond a purely macro-level perspective. The fundamental path to enhancing the efficiency of macroeconomic regulation lies in activating the vitality of economic entities through micro-level reforms and ensuring smooth policy transmission.

He proposed that stimulating micro-level vitality is particularly crucial. The most fundamental issue at present is to improve the conditions for enterprises. If enterprises are struggling, there will be no investment; without investment, there is no employment; and without employment, there is no income. Therefore, it is essential to stabilize and invigorate enterprises. A key aspect of empowering enterprises involves property rights incentives and protection. Despite the urgent tasks of current macroeconomic regulation, micro-level reforms must not be relaxed.

Furthermore, he stated that optimizing the transmission mechanism of macroeconomic policies is also very important. For instance, the real estate sector previously served as a key transmission channel for certain policies and growth drivers, benefiting many households, enterprises, and local governments. This, in turn, stimulated consumption and investment. However, with the severe contraction in real estate, this transmission channel for growth momentum has weakened. "Therefore, we need to work hard to stabilize the real estate market and also cultivate new transmission mechanisms," he said. "Building a modern industrial system is one such mechanism. We must also improve the market economy to construct transmission channels, including establishing fundamental market systems, a unified national market, internal circulation, and fair competition."

He pointed out that from a micro perspective, this is a matter of transforming growth drivers. When traditional growth drivers are weakening, we must continue to leverage their role while also cultivating new, crucial growth drivers. Examples include innovation-driven development to foster new quality productive forces, promoting the deep integration of innovation with industry and the digital economy with the real economy, and advancing new urbanization.

Additionally, it is crucial to invest in human capital and harness the dividend from population quality. This encompasses issues of economic structural transformation and upgrading, consumption upgrading, high-level opening-up, high-quality foreign trade, and continuing to leverage the dividends of reform.

In summary, Yang Ruilong stated that we cannot discuss macroeconomics in isolation, as the current macroeconomic problems have deep-rooted microeconomic causes that many aggregate macro policies cannot resolve. At these micro-level links, the macroeconomic imbalance of strong supply versus weak demand needs to be addressed.