China has unveiled ambitious economic plans for 2025, focusing on boosting domestic consumption to drive growth amid global challenges. At the annual Central Economic Work Conference on Thursday, President Xi Jinping emphasized the importance of stimulating consumer spending and enhancing investment efficiency to expand domestic demand.
Despite hurdles in 2024, including global economic uncertainties, China’s economy demonstrated resilience with stable performance and progress in high-quality development. The real estate sector saw growth in October for the first time since June 2023, with new commercial housing and existing home transactions increasing by 3.9% year-on-year.
Foreign trade remained robust despite external pressures, with total goods imports and exports growing by 4.9% in the first eleven months of the year. Exports of containers, ships, and motorcycles soared by 108.7%, 65.3%, and 24.8% respectively, highlighting the strength of China’s manufacturing industry.
Looking ahead, the government plans to launch a special campaign to boost consumer confidence and purchasing power. With over 1.4 billion people and 190 million businesses, China’s domestic market holds vast potential. Nobel laureate economist Michael Spence noted that China’s shift towards a consumption-led growth model represents a significant structural transformation.
The conference also highlighted opportunities in emerging sectors like the ‘debut economy,’ ice and snow industries, and the ‘silver economy.’ With 217 million people aged 65 and above, China’s elderly population offers tremendous opportunities for growth. The silver economy is projected to expand from its current value of 7 trillion yuan to 30 trillion yuan by 2035.
China reiterated its commitment to opening up, aiming to keep foreign trade and investment stable. Plans include expanding pilot programs in telecommunications, healthcare, and education, signaling ongoing efforts to integrate with the global economy.
The Central Economic Work Conference outlined priorities in nine key areas, providing clear guidance for high-quality growth in the coming year. These initiatives aim to infuse fresh momentum into the economy, supporting market participants and mitigating risks in key areas.
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Central Economic Work Conference boosts confidence in Chinese economy
cgtn.com
