China’s weakened consumer spending leaves ‘a lot of work to do’ in driving economic growth
Policies are needed to improve livelihoods and support low-income earners, or analysts say China’s new plan to rely on domestic consumption could fall flat
Household debt has risen rapidly in China as more consumers turn to loans to make ends meet in times of economic hardship
China’s ‘two sessions’: Beijing set to signal post-coronavirus economic confidence
China’s leaders are expected to use the plenary meetings of the legislature and its top political advisory body to tout achievements and ‘boost people’s confidence’
The annual gathering of high-ranking party delegates will also provide details on new economic targets for the next five years and China’s 2035 vision
China’s ‘two sessions’: Beijing must juggle competition and cooperation in historically unprecedented global trade environment
Establishing a high-standard rule system for a more open economy is expected to be a top priority for Chinese leaders at upcoming meetings
Some trade analysts say that while China may become more competitive on trade in the coming years, it may also be the most important global trade partner
MA XUEJING/CHINA DAILY
China will expedite efforts to foster the new dual-circulation development paradigm in the 14th Five-Year Plan period (2021-25). There is still immense potential to be tapped from domestic circulation. The experience of industrialized nations, such as Japan and the Republic of Korea, indicates that after a country s per capita GDP exceeds $10,000, the main force driving economic growth will shift from investment to consumption, especially household consumption.
The substantial increase in residential income and improvements in the social security system since the launch of reform and opening-up has laid a solid foundation for China s domestic economic circulation. We should also note that there is still much room to deepen reform of the income distribution system and properly narrow the gap in income distribution to help raise the level of consumption by a large margin.