China Aims To Expand Domestic Demand, Ensure Speedy Recovery

• China will strive to expand domestic demand, ensure a speedy economic recovery, and promote stable growth, according to an interim report on China's 14th five-year plan published by parliament on Wednesday.
• According to Zheng Shanjie, head of the state economic planning body, the country will "prioritise the restoration and expansion of consumption, stabilise bulk consumption, and promote consumption of services".
• In recent months, the government has unveiled a series of measures to shore up a feeble post-pandemic economic recovery, held back by a property slump, local government debt risks, and slow global growth.
• China will deepen its market-oriented reforms to boost development. The country will also prevent and resolve risks in key areas and co-ordinate the resolution of risks in real estate, local government debt, and small and medium-sized financial institutions.
• Zheng also said China needs to step up its development of high technology to overcome a blockade on technology exports imposed by some countries. “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."

(Source: Reuters)