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China: China unveils plan to boost domestic demand, stabilize prices

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Storyline China unveils plan to boost domestic demand, stabilize prices China's top economic planner has addressed concerns over imbalanced domestic demand and relative low price levels, laying out a policy roadmap. Wang Changlin, Deputy Director, National Development and Reform Commission: "Currently, our economy faces a prominent problem of insufficient demand as well as the issue of inadequate supply. Our supply has now shifted from focusing on whether products and services are available to focusing on their quality." Liu Jiaxin, Reporter: "Focus remains on the real economy. China will accelerate building a modern industrial system, push for smarter, greener upgrades in key sectors, and launch an "AI Plus" initiative to foster new industries and jobs. Efforts will deepen to build a nationwide unified market." Wang Changlin, Deputy Director, National Development and Reform Commission: "The priority is to make comprehensive efforts to curb cutthroat competition and achieve a shift from racing to the bottom on prices toward competing on superior value. We will improve mechanisms for market access, fair competition, and capacity exit, strengthen capacity regulation, and actively address the periodic imbalance between supply and demand." Liu Jiaxin, Reporter: "To achieve a reasonable price recovery, policymakers will deploy a combination of proactive fiscal and moderately loose monetary policies along with structural measures. These include plans to raise household incomes, boost consumption and increase investment in key strategic and security-related projects." [Restrictions: No access Chinese mainland]

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