CPC development proposals elaborate on new development pattern

BEIJING -- The leadership of the Communist Party of China (CPC) has made a thorough elaboration on making domestic market stronger and fostering new development pattern in a document made public on Tuesday.

Expanding domestic demand will be taken as a strategic basis and integrated with deepening supply-side structural reform to create new demand through innovation and high-quality supply, said the full text of the Party leadership's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

In terms of smoothing domestic circulation, the document emphasizes the need to remove the choke points in production, distribution, logistics and consumption, break industrial monopoly and local protection and establish a sound national economic circulation.

It also stresses the optimization of supply structure to have supply better match with domestic demand, facilitate the balanced development in finance, real estate and the real economy as well as the coordinated development among agriculture, manufacturing, services, energy, resources and other sectors, and remove the institutional obstacles preventing the market-oriented allocation of production factors and the flow of commodities and services to reduce the transaction costs of the society.

When it comes to boosting domestic and international circulations, the document says that China will exploit its comparative advantages to build a strong domestic market while making the country an important player in international trade.

The country will make full use of both domestic and international markets to promote the coordinated development in cultivating domestic and overseas demand, boosting imports and exports, making inbound and outbound investment and generally maintaining the balance of international payments.

Institutional improvements will be made to ensure equal treatment in the supervision, business qualifications and standards, quarantine and certifications concerning domestic and foreign trade.

China will also improve the quality of its exports, import more high-quality products and modernize its logistics system, it says.

The proposals also urged efforts to consolidate the fundamental role of consumption in economic development, adapt to consumption upgrading and promote consumption in an all-round way.

New measures to boost consumption include developing contactless transactions, reducing logistics costs, integrating online with offline consumption, easing market access to the service consumption sector and expanding holiday purchases.

In addition, the essential role of investment will be wielded to optimize supply structure and secure a steady investment expansion.

Weak links will be shored up in the fields such as infrastructure construction, agricultural and rural development, environmental protection, public health, disaster prevention and relief as well as people's well-being.

The country will leverage government investment and invigorate private investment to establish a mechanism for intrinsic investment growth with market playing a decisive role.