Abstract: Scientifically identifying the core causes of China's persistent economic slowdown demands novel theoretical hypotheses.By re-examining the interdependent and mutually reinforcing dynamic relationship between "investment and consumption" —two pivotal variables—this study proposes a theoretical framework: "Investmentcapacity to create employment at diverse income levels-consumption." This framework aims to explain the underlying causes of China's prolonged economic deceleration.The core issue lies in the sluggish transition from traditional laborintensive industries(generating low-income jobs) to high-tech,capital-intensive,and innovation-driven industries(creating mid-to-high-income jobs).Specifically,the virtuous cycle mechanism linking "high-quality investment," mid-to-high-income job creation, " and mid-to-high-end consumption" has yet to dominate China's economic structure.Instead,these elements remain fragmented,hindering the full utilization of China's unique advantage as the world's largest developing super-large economy.Consequently,this paper advocates shifting China's growth strategy toward fostering synergy between "activating high-quality investment" and "mid-to-high-income job creation," thereby accelerating the formation of a dominant virtuous cycle: "high-quality investment→ mid-to-high-income employment→ sustained consumption expansion."