Xing Ziqiang: Comprehensive social security reform is expected to activate a $10 trillion domestic demand market, serving as the cornerstone for the internationalization of the renminbi

Morgan Stanley's Chief Economist for China, Xing Ziqiang, stated at the Phoenix Bay Area Financial Forum 2025 that social security pooling reform can promote a unified national market and stimulate consumption. This will help break the current low-price cycle trap, enhance corporate profitability, and improve the employment and income expectations of the public. Only with a significant improvement in the returns on RMB assets can a solid foundation be laid for the internationalization of the RMB, allowing technological means such as digital payment infrastructure to truly take effect