Expanding China's domestic demand helps offset the impacts from an uncertain external environment, said an analyst.
China highlighted domestic demand at its annual Central Economic Work Conference held in Beijing on Wednesday and Thursday.
The conference laid out eight major tasks of the next year's economic work, with domestic demand remaining as a focus in building a robust domestic market.
Noting that there are still long-standing and new challenges in China's economic development, and the impact of changes in the external environment has deepened while risks and hidden dangers persist in some key areas, the meeting said that these issues can be resolved through efforts, and the underlying conditions and fundamental trends sustaining China's long-term economic growth remain unchanged.
"We see that China is pursuing development amid a complex and ever-changing external environment. Against this backdrop, expanding domestic demand is, in fact, a very crucial aspect that can help us develop more actively and more resiliently," said Zou Yunhan, deputy director at the macroeconomic research office of the State Information Center.
The meeting said special initiatives should be advanced to boost consumption, and the supply of high-quality consumer goods and services should be expanded. Unreasonable restrictions in the consumption sector should be removed, and the potential of service consumption should be unlocked.
"To better strengthen the foundation of consumption capacity, we should increase the income of both urban and rural residents, which can actually solve the key and deep-seated constraint on consumption. Another critical aspect is to continuously improve the quality of supply, whether of goods or services, and the focus should shift from increasing availability to enhancing quality. Besides, continuous improvements should be made in the overall consumption environment to help customers shop more conveniently, efficiently, and with fewer restrictions," she said.
In terms of investment, the meeting said there will be appropriate increases in the investment from the central government budget, and efforts will be made to better manage the use of local government special-purpose bonds.
"The investment from the central government budget should play a more significant role. For example, how we can better use the local government special-purpose bonds, and regarding that, there may be more measures to be rolled out," said Zou.
Expanding China's domestic demand helps offset external risks: analyst
Zhao Leji, chairman of China's National People's Congress (NPC) Standing Committee, held talks with Claude Wiseler, president of Luxembourg's Parliament, on Friday afternoon at the Great Hall of the People in Beijing.
Luxembourg is a friendly cooperation partner of China, and China stands ready to work with Luxembourg, under the strategic guidance of the two heads of state, to enhance mutual understanding and trust, deepen exchanges and cooperation, and push for continuous development of bilateral relations to better benefit the two peoples, Zhao said.
Noting that China appreciates Luxembourg's longstanding adherence to the one-China policy, Zhao said that China stands ready to further deepen political mutual trust with Luxembourg, enhance synergy of development strategies, expand cooperation in such fields as new materials, clean energy and artificial intelligence, and ensure the security and stability of industrial and supply chains through key projects including the "Air Silk Road".
Both sides should promote people-to-people and cultural exchanges, strengthen multilateral collaboration, and work together to build a community with a shared future for mankind, Zhao said.
China hopes that Luxembourg will play a greater role in encouraging the European Union (EU) to develop its relations with China in the spirit of mutual respect, seeking common ground while shelving differences, openness and cooperation, and mutual benefit, Zhao noted.
Zhao said that the NPC stands ready to maintain the momentum of high-level exchanges with Luxembourg's Parliament, advance communication among special committees, bilateral friendship groups, NPC deputies and Luxembourgish parliamentarians, share experiences and practices in areas such as law-based governance, environmental protection, and sustainable development, and promptly approve, revise or enact legal documents conducive to bilateral cooperation.
For his part, Wiseler said Luxembourg adheres to the one-China policy and pays close attention to China's rapid economic and social development and the recommendations for the 15th Five-Year Plan.
He noted that Luxembourg and China are highly complementary economically, with Luxembourg serving as a strategic gateway for China to enter the European market.
Luxembourg is ready to strengthen cooperation with China in such fields as finance, artificial intelligence, automobiles, the "Air Silk Road," and people-to-people exchanges so as to achieve mutual benefit and win-win results, Wiseler said.
China is an important partner of the European Union, Wiseler noted.
Facing severe global challenges, Luxembourg stands ready to strengthen cooperation with China to promote world peace and development, Wiseler said.
China's top legislator holds talks with president of Luxembourg's Parliament
