BEIJING: China’s ruling Communist Party said Thursday (Oct 23) the country has to “vigorously boost consumption” and strengthen domestic demand in the next five years, state media reported, as a key gathering concluded in Beijing.
The four days of closed-door meetings began on Monday (Oct 20) and involved high-ranking officials discussing long-term strategies for the 15th Five-Year Plan starting next year.
The talks come at an uncertain time for the world’s second-largest economy, beset by sluggish domestic spending, a protracted crisis in the property sector and a turbulent trade war with the United States.
As the gathering ended on Thursday, leaders vowed to strive for “rapid economic development” such as by strengthening domestic demand as well as “consolidating national security”.
“Efforts must be made to vigorously boost consumption, expand effective investment, and resolutely eliminate bottlenecks,” according to a readout published by the official Xinhua news agency.
China must “maintain strategic resolve, enhance confidence in victory… (and) bravely face major tests”, Xinhua added.
Observers were closely watching the gathering of the Central Committee – an elite body composed of around 200 members and 170 alternates – for signs of the party’s core policy objectives.
The wide-ranging plan encompassing political, economic, social and environmental goals will be approved in March by the legislature.
It is the fourth time the committee has convened for a so-called “plenum” since it began its most recent term in 2022. – AFP