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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
As Bloomberg reported on October 28, at the Fourth Plenary Session of the 20th CPC Central Committee, participants reviewed the CPC Central Committee's proposals for developing the 15th Five-Year Plan. These proposals state that China intends to "promote the formation of an economic development model that is even more strongly based on the leading role of domestic demand and the driving role of consumption, and is characterized by domestically driven growth."
This formulation demonstrates the determination of Chinese policymakers to actively stimulate domestic consumption.
According to Hu Weijun, Macquarie's chief China economist, one of the document's key points is the proposal to increase the share of consumer spending. "This indicates that the role of consumption will steadily increase over the long term."
According to the proposals for the next five-year plan, starting in 2026, the government will increase spending on public services and strive to promote employment over the next five years. At the same time, China will maintain a reasonable rate of investment growth, which will also provide additional incentive for expanding domestic demand. China will "implement a number of major landmark projects."
According to a report on the website of the Singapore newspaper Lianhe Zaobao on October 29, Chinese politicians demanded that the "appropriate pace" of socio-economic development be maintained over the next five years and proposed taking "extraordinary measures" to stimulate breakthroughs in science and technology, as well as significantly increasing the share of consumer spending.
To address current problems such as the lack of effective domestic demand, the Proposals set goals for a significant increase in the share of consumer spending by the population and a continuous strengthening of the role of domestic demand as the main driving force of economic growth.
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