Daily Management Review

China Wants To Secure A Swift Rebound And Increase Domestic Demand


China Wants To Secure A Swift Rebound And Increase Domestic Demand
China will work to boost stable growth, guarantee a swift economic recovery, and increase domestic demand, the parliament said in an interim report on the country's 14th five-year plan released on Wednesday.
According to Zheng Shanjie, the president of the official economic planning organisation, the nation will "prioritise the restoration and expansion of consumption, stabilise bulk consumption and promote consumption of services" during a meeting on Tuesday.
According to Zheng, China would expedite changes intended to broaden the nation's middle-income distribution.
The administration has revealed a number of initiatives in recent months to support the weak post-pandemic economic recovery, which has been hindered by the decline in real estate, the risk of local government debt, and the slowdown in global economy.
Zheng predicts that in order to spur development, China would intensify its institutional opening up and market-oriented reforms.
In important areas, the nation will also prevent and address threats...... "co-ordinate the resolution of risks in real estate, local government debt, and small and medium-sized financial institutions."
Zheng added that in order to get beyond some nations' ban on technology exports, China must accelerate its development of advanced technologies.
"(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."