BEIJING: China’s recent guideline focusing on the expansion of domestic demand is a significant effort to boost the economy after years of being impacted by COVID-19, and is expected to increase consumption, which is seen as an important fulcrum for recovery this year, experts and analysts said.
Jointly released in mid-December by the Communist Party of China Central Committee and the State Council, China’s Cabinet, the guideline laid out measures to boost domestic demand and set targets to be reached by 2035.
These include raising the overall scale of consumption and investment to new heights, and establishing a sound domestic demand mechanism.
The guideline stated that by 2035, new levels of industrialization, informatization, urbanization and agricultural modernization will have been achieved.
In addition, livelihoods will have been improved, and China’s advantages in terms of global economic cooperation and competition will have been enhanced.
To achieve these goals, efforts will be made to boost investment in consumption, optimize the current distribution pattern, make supply-side improvements and stabilize economic circulation during the 14th Five-Year Plan (2021-25) period.
–The Daily Mail-China Daily news exchange item
