Beijing, February 25th (China News Service) — In light of increasing global uncertainties, China needs to prioritize boosting domestic demand by substantially raising residents’ income, according to experts. The call comes as comprehensively expanding domestic demand ranks first among the key tasks for 2025 outlined in the Central Economic Work Conference.
Wang Yiming, Vice Chairman of the China Center for International Economic Exchanges, stated in Beijing on February 25th that changes in the external environment have heightened the urgency for China to expand domestic demand. He emphasized the need for more targeted measures to enhance consumption.
The global economy is facing increasing headwinds, including geopolitical tensions, rising protectionism, and supply chain disruptions. These factors are impacting China’s export prospects, making it more important to rely on domestic consumption to drive economic growth.
Raising residents’ income is seen as a key factor in boosting domestic demand. With higher incomes, people are more likely to spend on goods and services, which in turn stimulates economic activity.
The government has already taken steps to boost domestic demand, such as cutting taxes and fees, increasing infrastructure investment, and promoting consumption. However, experts say that more needs to be done to raise residents’ income, such as increasing wages, improving social security, and providing more affordable housing.
By taking these measures, China can create a more resilient and sustainable economy that is less reliant on external demand. This will help the country to achieve its long-term economic goals and improve the living standards of its people.
References:
- China News Service. (2024, February 25). 外部变化增加扩内需紧迫性 专家：需实质性提高居民收入 [External Changes Increase Urgency of Boosting Domestic Demand, Experts Say Substantially Raise Residents’ Income]. Retrieved from [Insert original URL here if available, otherwise omit]
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