BEIJING: The advantages of China’s huge domestic market will become even more prominent in 2021, as efforts to tackle the bottlenecks constraining domestic demand complement the continuous focus on supply-side reforms, a key part of Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era, officials and experts said. With the policy measures to unlock the huge potential of domestic demand, the country is likely to head for more than 8 percent economic growth this year and share the benefits of its economic resilience with more foreign businesses and investors, they said.
“To build a strong domestic market, the country will deepen supply-side structural reform to better meet people’s growing need for high-quality products and services,” said Wang Yuesheng, a professor of international economics at Peking University. Supply-side reforms to promote industrial upgrading, improve productive efficiency and create new forms of business will all help unlock potential demand and boost economic momentum, Wang said.
Demand-side measures will complement the former in unleashing domestic market potential, Wang said, adding that he expects greater efforts to boost domestic consumption, instead of mainly stimulating investment and exports.
China will pursue supply-side structural reform as the main task while emphasizing demand-side management in 2021, to create a dynamic balance between supply and demand based on higher standards, according to December’s Central Economic Work Conference.
– The Daily Mail-China Daily exchange item
