MNI BRIEF:China To Promote Industrial Upgrade, Domestic Market

China will focus on building a modern industrial system and a strong domestic market over the next five years, aiming to significantly boost residents’ consumption rate and enhance self-reliance in science and technology during its 15th Five-Year Plan period.

Zheng Shanjie, director of the National Development and Reform Commission, said Friday that China has ample room to expand domestic demand through higher service consumption, upgraded goods consumption, and sustained investment growth. He emphasised the need to optimise government investment, increasing spending on social welfare, and creating a unified national market by reducing local protectionism and regulating local authorities’ economic promotion activities.

Zheng added that upgrading traditional industries, improving the global competitiveness of key sectors such as chemicals, machinery, and shipbuilding, and developing advanced manufacturing clusters could unlock around CNY10 trillion in market potential. (MNI INTERVIEW: China To Stabilise Manufacturing's Share Of GDP)