China's top economic planner, the National Development and Reform Commission (NDRC), held a media seminar on Friday in Beijing to elaborate on key economic policies from this year's "two sessions," emphasizing innovation, technological advancement, and a commitment to boosting domestic consumption.
The seminar, attended by both domestic and international media practitioners, touched upon a wide range of topics from macroeconomic policies to specific opening-up measures.
The "two sessions" refer to the annual meetings of China's top legislature, the National People's Congress (NPC), and the country's top political advisory body, the National Committee of the Chinese People's Political Consultative Conference (CPPCC), which concluded on March 11 and 10, respectively.
Guo Chunli, vice president of the Academy of Macroeconomic Research at the NDRC, offered a detailed analysis of the new development model.
"The new development model emphasizes innovation, coordination, green growth, openness, and shared development. Innovation is the primary driving force, coordination ensures balanced progress, green development fosters harmony between people and nature, openness strengthens internal and external connectivity, and shared growth remains the ultimate goal," said Guo.
She also highlighted China's focus on developing scientific and technological capabilities to fuel industrial growth.
"Industrial innovation has continues to advance, with high-tech and equipment manufacturing experiencing value-added growth of 8.9 percent and 7.7 percent, respectively, outpacing overall industrial growth. Their shares in total industrial value-added reached 16.3 percent and 34.6 percent, respectively," said Guo.
The government work report, delivered by Chinese Premier Li Qiang and approved on March 11, outlines 10 key tasks with focus on consumption, technology, and opening up the economy. This report signals plans for additional stimulus measures aimed at achieving an annual growth target of at least 5 percent.
"Our policies are expected to significantly boost consumer spending, driving a strong recovery. This forecast is based on a comprehensive set of measures, including new business models and income growth incentives, which are already yielding results," said Guo.
China will continue implementing proactive macroeconomic policies, encompassing fiscal and monetary measures, alongside initiatives to improve livelihoods and stimulate domestic consumption.
Experts said at the seminar that the consistency and coordination of these policies, coupled with ongoing reforms and opening-up, will create a powerful synergistic effect, contributing to the country's robust and sustainable economic growth.
China's top economic planner interprets major economic policies following "two sessions"
