China's Economic Strategy: Boosting Domestic Demand and Consumer Growth

China is set to ramp up production of high-quality consumer goods and explore fresh growth avenues in services consumption as part of its strategy to energize domestic demand and fortify economic growth, according to Lou Qinjian, spokesperson for the National People's Congress (NPC).

The country's total retail sales of consumer goods surpassed 50 trillion yuan for the first time last year. In an effort to elevate consumption further, China will focus on creating high-quality employment opportunities and increasing the incomes of both urban and rural citizens.

To combat sluggish domestic demand and deflationary pressures in factory-gate prices, Chinese policymakers will work on policy measures including the creation of a unified domestic market and the revitalization of rural areas. Legislative focus will also be on social and medical security, aiming to instill confidence and ability in consumers to spend.