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
China's first 500-kV cross-border alternating-current power interconnection project entered service Monday, creating the highest voltage grid tie between the two countries and advancing Belt and Road energy cooperation.
The project raises two-way power transfer capacity between the two countries from 50,000 kW to 1.5 million kW, enabling the annual transmission of about 3 billion kWh of clean electricity, roughly 30 times the capacity of previous lines, according to China Southern Power Grid.
As the largest cross-border grid project and the highest-voltage power link between China and Laos, it connects southwest China's Yunnan Province with Oudomxay and Luang Namtha provinces in northern Laos.
Cross-border electricity trading began as the project entered operation. About 4.81 million kWh of power from clean energy bases in northern Laos was transmitted to Yunnan through the new line, marking a more regular and institutionalized phase of power connectivity between the two countries.
It is also the first time an overseas new energy project has participated in China's electricity market, the company said. The power involved in the transaction came from a large mountain photovoltaic project in Laos, one of the core supporting power sources for the interconnection line.
"This project is the cross-border power grid project with the highest voltage level between China and Laos. Leveraging the China-Laos power grid interconnection and the power markets in southern China, surplus hydropower from Laos can be transmitted to China during the rainy season, while China can supply supplemental power to northern Laos during the dry season. This project represents yet another landmark achievement between China and Laos in deepening power cooperation and jointly advancing the high-quality development of the Belt and Road Initiative," said Li Jingru, general manager of Electricite du Laos Transmission Company Limited (EDL-T), a joint venture of China Southern Power Grid and Lao state-run Electricite du Laos.
The solar project has an average annual power generation capacity of about 1.65 billion kWh. In 2026, it is expected to transmit about 1.1 billion kWh of solar power across the border, supporting energy complementarity between the two countries.
"In the future, efforts will be made to further promote normalized cross-border electricity trading, meet the trading needs such as electricity transmission from Laos to China's Yunnan, from China's Yunnan to Laos, and from Laos to China's Guangdong, and facilitate the optimal allocation of energy resources in the Lancang-Mekong region," said Li Minhong, marketing director of China Southern Power Grid.
Construction of the interconnection project began in late February last year. Spanning a total length of 177.5 km, the transmission line includes a 145-km Chinese section and a 32.5-km Lao section.
New China-Laos power link expands transfer capacity 30-fold, boosts electricity trading
