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Photographer: Qilai Shen\/Bloomberg <\/p>\n Photographer: Qilai Shen\/Bloomberg <\/p>\n
(Bloomberg) — Xi Jinping called for anchoring economic growth around domestic demand as its \u201cmain driver\u201d in a speech delivered by the Chinese president at a key policy meeting late last year and released on Sunday.<\/p>\n
China should \u201ccoordinate efforts to boost consumption and expand investment, and fully leverage the advantages of China\u2019s super-large-scale market,\u201d according to Xi\u2019s remarks published on the website of Qiushi, the Communist Party\u2019s flagship journal. \u201cWe must focus on improving people\u2019s livelihoods and boosting future growth, stabilizing investment.\u201d<\/p>\n
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The blueprint laid out by Xi made clear China is bracing for more uncertainty abroad, after amassing a record trade surplus despite the tariff war with the US. The address was made in December at the Central Economic Work Conference, which sets economic policy priorities for the coming year.<\/p>\n
The language illustrates Beijing\u2019s growing resolve to promote consumption among China\u2019s 1.4 billion people, as countries around the world increasingly push back against its cheap goods that pose a threat to their local industries. Top officials like Vice Premier He Lifeng have also raised the prospect of greater access to China\u2019s domestic market to reduce imbalances in trade.<\/p>\n
China\u2019s economy expanded 5% last year, with record exports compensating for cooling private consumption at home and an unprecedented drop in investment. That lopsided growth model will probably become harder to sustain in an era of rising protectionism across the world.<\/p>\n
With trade and geopolitical risks on the rise, China is looking to build up its consumer sector into a key engine of the economy while continuing to lean on emerging new industries for growth.<\/p>\n
\u201cWe will remain committed to innovation\u2011driven development and accelerate the cultivation and strengthening of new growth drivers,\u201d Xi said.<\/p>\n
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As part of an effort to support demand, Xi used his speech to champion plans to increase the incomes and basic pensions of rural and urban residents and boost the proportion of investment projects linked to people\u2019s livelihoods.<\/p>\n
Other priorities laid out in his speech include advancing high-quality development, continuing to open up the economy and promoting China\u2019s green transition. The president also appealed to officials to curb cutthroat competition among companies \u2014 a campaign dubbed \u201canti-involution\u201d \u2014 and stabilize the property market and employment of graduates and migrant workers.<\/p>\n","protected":false},"excerpt":{"rendered":"Photographer: Qilai Shen\/Bloomberg (Bloomberg) — Xi Jinping called for anchoring economic growth around domestic demand as its \u201cmain…\n","protected":false},"author":2,"featured_media":299893,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[971,72,114,18478,113,61,60,8982,12139],"class_list":{"0":"post-299892","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-bloomberg","9":"tag-business","10":"tag-china","11":"tag-economic-growth","12":"tag-economy","13":"tag-ie","14":"tag-ireland","15":"tag-trade-surplus","16":"tag-xi-jinping"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/299892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=299892"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/299892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/299893"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=299892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=299892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=299892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}