Domestic consumption set to get renewed impetus

Nation to sustain economic growth through further opening-up and innovation efforts

Boosting domestic demand, fostering new growth drivers through scientific and technological innovation, and increasing national competitiveness through further reform and opening-up will be China's strategic goals as policymakers are drafting the nation's next five-year development plan, experts said on Tuesday.

Their comments came after President Xi Jinping delivered a speech on Monday at a symposium to invite suggestions and opinions from economists and experts for China's 14th Five-Year Plan (2021-25).

The dual-circulation development pattern recently proposed by the top leadership has been viewed as China's response to address the rising domestic and external challenges and uncertainties. The country's future policy will likely underscore two strategic goals that are boosting domestic consumption and investment and cultivating new growth drivers by upgrading its industrial sector and supply chains, said Xu Hongcai, deputy director of the economic policy committee of China Association of Policy Sciences.