Li Qiang proposed in the government work report to focus on building a strong domestic market

Xinhua News Agency, Beijing, March 5 — When Premier Li Qiang introduced this year’s government work tasks in the government work report, he emphasized the focus on building a strong domestic market. Adhering to domestic demand-led growth, coordinating efforts to promote consumption and expand investment, and exploring new avenues for domestic demand growth to better leverage our country’s large-scale market advantages.

Deeply implement special actions to boost consumption. Stimulate residents’ intrinsic consumption motivation and promote policies to encourage consumption simultaneously, driving sustained growth in consumption. Develop and implement income-increasing plans for urban and rural residents, with pragmatic measures to promote income growth for low-income groups, increase residents’ property income, and improve salary and social security systems. Promote the expansion and upgrading of commodity consumption, allocate 250 billion yuan in ultra-long-term special national bonds to support the replacement of old consumer goods, and optimize policy implementation mechanisms. Establish a 100 billion yuan fiscal and financial coordination fund to promote domestic demand, using a combination of loan interest subsidies, financing guarantees, and risk compensation to support demand expansion. Expand support for personal consumer loans and loans to service industry operators by increasing interest subsidy limits and extending implementation periods. Effectively implement one-time credit repair policies. Carry out quality improvement and benefit actions for service consumption, create a number of broad-reaching and highly visible new consumption scenarios, and accelerate the cultivation of new growth points in consumption. Activate offline consumption and stimulate vitality in sinking markets. Remove unreasonable restrictions in the consumption sector to unleash potential in cultural tourism, events, health and wellness, and other areas. Support eligible regions in promoting primary and secondary school spring and autumn holidays, and implement paid staggered leave systems for employees. Strengthen consumer rights protection. Optimize the inbound consumption environment and build the “Shop in China” brand.

Fully tap and release the potential of effective investment. Focus on key areas such as new quality productivity, new urbanization, and comprehensive human development to enhance the market-driven growth of effective investment, and increase the proportion of government investment in people’s livelihoods. This year, central budgetary investment is planned at 755 billion yuan, with 800 billion yuan in ultra-long-term special national bonds allocated for “dual” infrastructure projects, and differentiated increases in central investment subsidy standards. Separate and increase the quota for local government special bonds used for project construction, continuing to favor localities with well-prepared projects and good fund utilization. Issue 800 billion yuan of new policy-based financial instruments to attract more social capital into investment. Coordinate the effective use of various government investment funds, support regions with solid foundational work to develop comprehensive government investment plans, strengthen project fund supervision, and resolutely prevent inefficient and ineffective investments. Implement policies to promote private investment, improve long-term mechanisms for private enterprises to participate in major projects, and guide private investment into high-tech and modern service sectors, effectively stimulating private sector vitality.

(Edited by: Wen Jing)

Keywords: