China has unveiled a bold three-step plan aimed at stimulating global economic growth. Premier Li Qiang recently outlined the strategy in a government work report, emphasizing innovation, boosting consumer demand, and supporting free trade.
Investing in Innovation
The first step focuses on ramping up investment in scientific and technological innovation. China aims to lead in cutting-edge fields like aerospace, artificial intelligence, biotechnology, big data, new materials, and green technology. By strengthening fundamental research and fostering technological competitiveness, the country seeks to drive economic growth and enhance people’s quality of life.
Boosting Consumer Demand
The second step involves implementing proactive measures to boost consumer demand, strengthening the domestic economy. Initiatives include increasing personal income, expanding services in health, education, and other sectors, and promoting new types of consumption such as digital and green products. China aims to unlock the potential of its vast domestic market and create a positive cycle of production and consumption.
Supporting Free Trade
The third step reaffirms China’s commitment to supporting the global free trade system. Amid challenges like deglobalization and unilateralism, China plans to expand its opening up, improve the business environment, and work with other countries to promote stable global economic growth. By opposing trade protectionism, China aims to foster mutually beneficial international cooperation.
By focusing on innovation, consumer demand, and free trade, China’s three-step plan is set to contribute significantly to the healthy growth of the global economy.
