In a bid to revitalize its economy, the Chinese mainland is placing domestic demand and a unified market at the heart of its 15th Five-Year Plan. Zheng Shanjie, head of the National Development and Reform Commission (NDRC), outlined strategies to boost internal spending and streamline market access over the next five years.
Highlighting the strategic role of domestic markets—described as the world’s scarcest resource—Zheng said that major economies thrive on strong internal demand. The plan aims to 'drive spending, promote greater use of services, and upgrade the commodity market' to lay a solid foundation for achieving socialist modernization by 2035.
Key initiatives include leveraging government funds to support people’s livelihoods, increasing investment in education, healthcare, and social welfare, and cutting market access restrictions. The negative list for market access will shrink from 328 restricted fields to just 106 across 21 industries by 2025.
To build a truly unified national market, the Chinese mainland will:
- Unify underlying institutions and market rules
- Break down local protectionism and market segmentation
- Standardize local government economic activities
- Strengthen market supervision and law enforcement
- Address involution-style competition
This comprehensive approach signals fresh opportunities for entrepreneurs, tech innovators, and investors looking to tap into one of the world’s largest consumer bases. As the plan unfolds, global citizens and businesses alike will be watching how these reforms shape the next wave of growth on the global stage.
Reference(s):
China flags domestic market as key growth driver over next five years
cgtn.com
