China aims to expand domestic demand and ensure a speedy recovery. According to an interim report on China’s 14th five-year plan that the Chinese parliament issued on Wednesday, China would increase domestic demand, secure a rapid economic recovery, and support steady growth.
It was reported that Zheng Shanjie, the head of the official economic planning organization, stated during a meeting that took place on Tuesday that the nation will “prioritize the restoration and expansion of consumption, stabilize bulk consumption, and promote consumption of services.”
According to Zheng, China would also speed up policies targeted at increasing the number of Americans who fall into the middle-income category.
In recent months, the government has introduced several steps to strengthen the weak economic recovery after the epidemic. A declining real estate market, risks associated with local government debt, and a slowdown in the global economy have all hampered this recovery.
According to Zheng, China will further its market-oriented reforms and institutional opening up to accelerate its progression toward growth.
Additionally, the nation will take measures to avoid and resolve threats in crucial sectors and “coordinate the resolution of risks in real estate, local government debt, and small and medium-sized financial institutions.”
To get around a restriction, some countries have placed restrictions on the export of technology, and Zheng added that China must speed up the development of high technology.
“(China) must accelerate breakthroughs in key core technologies, achieve a high level of scientific and technological self-reliance, and avoid technologies and industries being ‘locked’ in the low-end and middle-end.”
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