China’s economy will now rely less on exports and steer toward the domestic market, Chinese leader Xi Jinping said at the 20th Congress of the Chinese Communist Party (CCP) on Oct. 16.
“We will make sure that our implementation of the strategy to expand domestic demand is integrated with our efforts to deepen supply-side structural reform,” Xi stated.
Jointly published by several Chinese state-owned newspaper groups, The Beijing News said that “China, the world’s largest developing country, shall not let its economy rely primarily on international demand.”
Yao Jinyuan, the former chief economist of China’s National Bureau of Statistics (NBS), told The Beijing News that domestic demand includes investment and consumption. And although the Chinese government had talked about expanding domestic demand for more than 20 years, what had been done was limited to investment….