Consumption push unlocks new potential

Expansion of domestic demand seen as crucial to nation's modernization drive

As China shifts from high-speed to high-quality growth, the engines of its consumer market are evolving in tandem, with vast potential fueled by rising demand for premium goods, quality services and new consumption scenarios, economists and executives said.

The world's second-largest economy is doubling down on expanding domestic demand and further opening its vast market to the world — a move that will offer an important source of predictability and create massive opportunities for Chinese and foreign businesses alike, even as global trade remains tepid and protectionist pressures mount, they added.