© Reuters. FILE PHOTO: A customer selects products at a supermarket in Shanghai, February 10, 2015. REUTERS/Aly Song/File Photo
Exciting News: China’s Plan to Boost Domestic Demand and Drive Economic Recovery
According to an interim report on China’s 14th five-year plan published by parliament on Wednesday, China will strive to expand domestic demand, ensure a speedy economic recovery and promote stable growth.
China’s Approach: Prioritizing the expansion of consumption and promoting the middle-income bracket
As part of this effort, China will “prioritise the restoration and expansion of consumption, stabilise bulk consumption and promote consumption of services,” said Zheng Shanjie, head of the state economic planning body. China will also accelerate reforms aimed at expanding the country’s middle-income bracket, Zheng said.
Recovery Measures: Unveiling measures to overcome economic challenges
The government has in recent months unveiled a series of measures to shore up a feeble post-pandemic economic recovery, held back by a property slump, local government debt risks and slow global growth. China will deepen its market-oriented reforms and institutional opening up to boost development, according to Zheng.
Overcoming Technological Blockade: Focusing on high technology development
Zheng also said China needs to step up its development of high technology to overcome a blockade on technology exports imposed by some countries. “(China) must accelerate breakthroughs in key core technologies, achieve a high level of scientific and technological self-reliance, and avoid technologies and industries being ‘locked’ in the low-end and middle-end.”
