China releases guidance on expanding domestic demand and establishing a robust domestic demand system to promote long-term development until 2035.
Long-term goals include reaching new levels of consumption and investment, and building reliable domestic demand system, says the manual jointly issued by the CPC Central Committee and the State Council of the People's Republic of China.
Until 2035, new industrialization, informatization, urbanization and agricultural modernization will be mainly carried out, people's living conditions will be improved, and the fundamental role of reforms will be strengthened in the development of domestic demand, as well as increased the advantages of China in terms of participation in global economic cooperation and competition, the document notes.
The country will also stimulate investment in consumption, optimize the distribution structure, improve the quality of supply, improve the market system, as well as to ensure uninterrupted functioning the 14th Five-Year Plan (2021-2025).
The guidance also emphasizes that efforts will be made to address key challenges related to the expansion of domestic demand in the mid- and long-term, especially on issues such as lack of effective supply capacity and a relatively large distribution gap.
Efforts will be made to comprehensively stimulate consumption and accelerate its quality improvement, optimize investment structure and expand the scale of investment. At the same time, the country will promote the coordinated development of urban and rural areas to unlock the potential of domestic demand, the document says.
The guidance also highlights the need to improve the quality of supply to better meet demand, improve the modern market and circulation systems to promote interconnectedness production and demand, as well as deepening reform and opening up to enhance the development momentum of domestic demand.
China will work towards achieving common prosperity to build up the potential for the development of domestic demand, as well as enhance its ability to ensure security, to strengthen the basis for the growth of demand in the domestic market, the document says.
