Domestic consumption a key point

In his New Year's address, the General Secretary pointed out that 2026 marks the beginning of the "15th Five-Year Plan", which will further deepen reform and opening-up and advance the common prosperity of all people. Achieving this grand goal requires coordination across various areas, and I believe that expanding domestic demand and promoting consumption are key points.

The recently concluded Central Economic Work Conference emphasized the importance of maintaining a domestic demand-led strategy, building a strong domestic market, implementing an income increase plan for urban and rural residents, and boosting consumption. It also highlighted the need to remove unreasonable restrictions in the consumption sector to unleash the potential of service consumption. These strategic measures are crucial levers for revitalizing microeconomic activity, infusing vitality, and providing foundational support for economic transformation, transition, and high-quality development.

We are confident in the implementation of complementary monetary, fiscal, and industrial policies. We also look forward to entrepreneurs and investors being invigorated, seizing opportunities, forging ahead, and achieving new heights of success.

Hu Jie, a professor at Shanghai Jiao Tong University. The views don't necessarily represent those of China Daily.