Chinese officials have outlined the country's economic priorities at the Annual Conference on China's Economy 2024-2025 held in Beijing on Saturday where they emphasized the need to bolster domestic demand and stabilize key markets amidst a challenging global environment.
As one of the key speakers at the annual meeting, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs elaborated nine aspects of the key economic work in the upcoming year of 2025.
Of the nine aspects, he underlined the importance of revitalizing consumption and enhance investment efficiency next year.
Han said that in the midst of rising uncertainties in the external environment, domestic demand and expansion of consumption should be prioritized to promote economic recovery and growth. He calls for efforts to stabilize consumption of major commodities and effectively expand both consumption and investment.
"New growth drivers should be cultivated. Service consumption needs expansion, while diverse consumption scenarios should be created. It is necessary to positively develop debut economy, ice and snow economy and silver economy. The vitality of private investment should be stimulated, with the need to leverage government investment to effectively drive social investment," said Han.
The debut economy covers everything from the first reveal of a product, the opening of flagship stores, and the launch of new services, to the creation of new business models and technologies. The ice and snow economy capitalizes on winter sports and tourism, while the silver economy focuses on products and services catering to the elderly population.
In a separate speech at the conference, Zhao Chenxin, vice chairman of National Development and Reform Commission, stressed the need to stabilize property market and stock market.
He said efforts will be focused on halting the decline and stabilizing the property market, and reasonably controlling the supply of new land for real estate development.
"Existing land and commercial office space should be revitalized, while promoting the disposal of existing houses [already bought by residents] and pushing for framing a new real estate development model. Relevant fundamental systems should be systematically established. Comprehensive reform needs to be deepened for capital market concerning investment and financing. Bottlenecks that hinder the entry of medium and long-term funds into the market should be cleared, while inclusiveness and adaptability of the institution within the capital market should be enhanced," Zhao said.
China aims to boost domestic demand, market stability: officials
