By Special Correspondent

China has outlined a strategy to strengthen its economy and sustain high-quality development amid rising global uncertainties, according to the government work report deliberated at the national legislative session.

The report says that building a robust domestic market will be among the top priorities in the country’s economic agenda. Policymakers aim to expand domestic demand and strengthen consumption to support economic growth.

Planned policy steps include an income growth plan for urban and rural residents, the establishment of a special fiscal-financial coordination fund worth 100 billion yuan (about $14.5 billion), and the issuance of ultra-long special treasury bonds worth 250 billion yuan to support consumer goods trade-ins.

Measures will also focus on boosting the purchasing power of consumers through higher earnings for low-income groups, increased property income and improvements in remuneration and social security systems.

The report says China will also foster new drivers of consumption by creating new consumption scenarios and encouraging spending in areas such as sports, culture and tourism. Initiatives will also promote the integration of artificial intelligence with consumption.

Looking ahead, China aims to increase household consumption as a share of gross domestic product and allow domestic demand to play a greater role as the principal economic driver during the 15th Five-Year Plan period (2026 to 2030).

The government also plans to accelerate technological innovation to create new engines of growth. Steps include applying artificial intelligence technologies to upgrade traditional industries and strengthening emerging sectors such as integrated circuits and the low-altitude economy.

The report also highlights plans to develop future industries, including quantum technology and embodied artificial intelligence, while promoting the development of new forms of the smart economy.

China will continue to expand high-standard opening up and pursue mutually beneficial international cooperation, according to the report.

Measures include broadening market access, expanding opening-up in the service sector and conducting further trials in areas such as value-added telecommunications services, biotechnology and wholly foreign-owned hospitals.

Further opening up will also be promoted in the digital sector, alongside a shortened negative list for cross-border trade in services.

The government said it will promote balanced trade growth by stabilizing exports and expanding imports of agricultural products, premium consumer goods, advanced equipment and key components.

China will also continue efforts to improve the business environment by expanding market access and implementing national treatment for foreign enterprises during the 15th Five-Year Plan period.

Credit: INP-WealthPk