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
The three astronauts of China's recently-returned Shenzhou-20 mission on Friday shared the experiences of their dramatic 204-day space mission, including detailing the emergency procedures which were implemented to bring them safely home after their return capsule was struck by space debris.
The trio -- Chen Dong, Chen Zhongrui, and Wang Jie -- met with the press in Beijing on Friday afternoon, marking their first public appearance since returning to Earth in November.
When detailing the emergency response mechanisms which were enacted prior to their scheduled return, the astronauts explained that upon discovering a triangular crack on the spacecraft's viewport window, they immediately took photos for documentation and transmitted them to the ground team, who swiftly activated an emergency plan to get the trio home safely.
Experienced mission commander Chen Dong explained how the crew had complete faith in their colleagues on the ground to find a solution to these unforeseen circumstances which led to their return being delayed.
"First, we must trust the ground team, who would anticipate everything and develop the safest return plan for us. Second, we must believe in ourselves; as well-trained astronauts, we have the ability to manage various unexpected failures. I believe that with the collaboration of astronauts and researchers on the ground, our space home will surely go farther, more steadily, and for a longer time," he said.
Following their extended stay in space as a result of the debris incident, the Shenzhou-20 crew spent a total 204 days in orbit, setting a new record for the longest duration by a single group of Chinese astronauts.
During their mission, they completed multiple payload operations, conducted extensive scientific experiments, and carried out four extravehicular activities.
"Our crew worked together with the ground team in unity and coordination, completing four extravehicular activities, several payload entry and exit tasks, and a large number of scientific experiments. It was a fulfilling yet challenging mission. The path to exploring the heavens is long and arduous, but I firmly believe that China's space missions will succeed," said Chen Zhongrui, a former air force pilot who was making his first spaceflight during the mission.
"From the ground to space, from learning to application, I have deeply felt the solid progress of Chinese space endeavors and the quiet dedication of countless personnel behind the scenes. In the future, I will accomplish each mission with full commitment, living up to the trust of the motherland and the people," said fellow astronaut Wang Jie, who was also making his debut spaceflight.
After returning to Earth on Nov 14, the trio successfully completed their isolation recovery and rehabilitation and will now resume normal training following health assessments.
The crew's return, originally scheduled for Nov 5, was postponed due to safety concerns, with the astronauts later using the return capsule belonging to their successor crew of the Shenzhou-21 mission to get back to Earth. China later launched the unmanned Shenzhou-22 spacecraft which will serve the future return of the crew now aboard the Tiangong Space Station.
Shenzhou-20 astronauts share experiences after safely returning from debris incident
