By 2025, China will comprehensively expand domestic demand

Domestic demand is the driving force and stable anchor for economic growth

General Secretary Xi Jinping emphasized the need to actively expand domestic demand and create more consumption scenarios to continuously unleash consumption and investment potential. When deploying key tasks for 2025, the Central Economic Work Conference prioritized expanding domestic demand and emphasized "vigorously boosting consumption, improving investment efficiency, and comprehensively expanding domestic demand"

All regions and departments should thoroughly implement the spirit of General Secretary Xi Jinping's important speech, earnestly study and understand the spirit of the Central Economic Work Conference, implement the long-term strategy of expanding domestic demand, unleash greater potential of domestic demand, make domestic demand the driving force and anchor for economic growth, and promote sustained economic recovery and improvement

Consumption and investment continue to accumulate upward momentum

"Cold resources" release "hot effects".. Crystal white snowflakes fall on Changbai Mountain in Jilin Province. Accompanied by snowflakes, there are also tourists from various places. My child wanted to come before and finally got what he wanted. "Recently, Bai Xinyue, a university teacher in Nanjing, Jiangsu, and her family embarked on a journey of ice and snow

88 projects were signed with a total investment of over 260 billion yuan... Recently, at a special investment signing event organized in Quanzhou, Fujian, a group of projects covering quantum technology, intelligent robots, biotechnology and other fields kicked off the expansion of investment in the new year

With the effective implementation of existing policies and the introduction of a package of incremental policies, the combined effect of policies continues to play a role, driving the expansion of domestic demand and accumulating stronger upward momentum in consumption and investment

Looking at the data, the scale of consumption continues to expand, and investment has achieved steady growth

In 2024, the total retail sales of consumer goods reached 48789.5 billion yuan, an increase of 3.5% over the previous year. In December 2024, the total retail sales of consumer goods increased by 3.7% year-on-year, with a growth rate 0.7 percentage points faster than November

In 2024, the annual fixed assets investment (excluding farmers) will be 51437.4 billion yuan, an increase of 3.2% over the previous year; Excluding the impact of price factors, the actual growth was 4.8%. Among them, manufacturing investment increased by 9.2% compared to the previous year, with a growth rate 6.0 percentage points higher than total investment, providing significant support for investment

Looking at the market, there are frequent highlights in consumer investment, and the signs of improvement are even more evident

Ice and snow tourism has become a major highlight of the winter consumer market. According to online platform data, "ice and snow tourism" has become a popular theme for winter travel in 2024. Since November 2024, the search popularity for skiing has increased by 83% compared to the previous month, and the search popularity related to ice and snow tourism has increased more than three times compared to the previous month

Using trade in to drive market sales growth, maintaining rapid growth in service retail, and achieving double-digit growth in transportation and travel service retail sales... Various regions and departments are seizing the peak consumption season before and after the Spring Festival holiday, launching rich and diverse consumer promotion activities to promote the release of greater potential in the consumer market

Good news has been frequent in the investment field, with a wave of major project signings and groundbreaking in many regions

Both "go out" and "come in" are making efforts in both directions, and Quanzhou's investment attraction is pursuing "high" and "new". The South Wing Jinjiang International Xinchuang Port project with a total investment of 2 billion yuan has introduced and cultivated a number of high-tech enterprises, and phases 1-4 have all started construction; The Maoxiong Biotechnology project, which plans to invest 1 billion yuan, will start construction in October 2024 and is expected to have an annual output value of 200 million yuan after completion... A number of new track projects have emerged and been put into operation. In November 2024, Quanzhou signed over 1300 formal contract projects with a total investment of over 800 billion yuan

The recent improvement in the Chinese economy is driven by stronger domestic demand. The policy effect is being transmitted to the supply side through the economic cycle, accelerating the recovery of business confidence and continuously promoting economic recovery and improvement Yi Shaohua, a researcher at the Institute of Finance and Economics Strategy of the Chinese Academy of Social Sciences, said

Expanding domestic demand is not a stopgap measure, but a strategic move. Entering Jiangxi Fuzhou Fanate Machinery Technology Co., Ltd., the 12 newly put into use robotic arms are operating accurately and efficiently according to the set procedures. The new equipment replaces manual loading and unloading with automated loading and unloading, increasing efficiency by 30%

The electronic component production project with a total investment of 510 million yuan is planned to be put into operation in May at Zhaomingyangxi Electronic Devices Co., Ltd. in Qingxian County, Cangzhou, Hebei Province. The new factory introduces a digital and intelligent management system to create a smart production line, where robots can freely shuttle and greatly improve production and operation efficiency

Investment is demand in the short term and supply in the medium to long term. Effective investment to solidify the momentum for high-quality development

Currently, China is facing a complex and severe international environment, and the challenge of insufficient domestic demand remains significant. Expanding domestic demand is not a stopgap measure, but a strategic move. Expanding domestic demand is an important task for current and future economic work

From a general perspective, domestic demand dominance is a characteristic of a large country's economy

From international experience, the characteristics of major economies are dominated by domestic demand and internal recyclability Wang Wei, a second level researcher at the Market Economy Research Institute of the Development Research Center of the State Council, said. Looking around the world, when the per capita GDP of countries such as the United States, Germany, and the United Kingdom exceeded $20000, their domestic demand structure showed the characteristics of "domestic demand led, consumption led". The insufficient domestic demand and low consumption rate in our country further highlight the strategic significance of expanding domestic demand

Looking at the external environment, expanding domestic demand is an effective way to cope with external shocks

Expanding domestic demand is conducive to resolving the impact of external shocks and the decline in external demand Yi Shaohua said that the total social demand is composed of consumption demand, investment demand, and export demand. The current sluggish global economic recovery, coupled with trade protectionism, unilateralism, and geopolitical conflicts, has increased the uncertainty of the world economy's operation and brought considerable difficulties and challenges to external demand. In this context, implementing the strategy of expanding domestic demand is a long-term strategy for China to actively respond to changes in the domestic and international environment and enhance its development initiative

Looking at the domestic reality, expanding domestic demand is a practical requirement for comprehensively building a socialist modernized country

Investment in key areas and equipment upgrades has maintained rapid growth, supporting investment expansion and enhancing the medium - to long-term development momentum of the economy. In 2024, infrastructure investment increased by 4.4% compared to the previous year, with a growth rate 0.2 percentage points faster than the first 11 months of 2024 and 1.2 percentage points higher than total investment. Among them, investment in water management industry increased by 41.7%, and investment in air transportation industry increased by 20.7%

Expanding domestic demand based on the needs of the people is a practical need to meet their aspirations for a better life

Raise the big red lanterns high, set up couplets and the word "fu" on the stalls, and create a strong festive atmosphere; Beef patties, teppanyaki, fried skewers and other snacks have a strong aroma that attracts many tourists to stop and taste... Recently, many citizens have come to purchase at the Cultural Road Pedestrian Street in Houbu Street, Anyuan District, Pingxiang, Jiangxi. Anyuan District has enriched people's consumption choices by transforming and upgrading, creating an atmosphere, and enriching business formats, activating nighttime dining, shopping, leisure and entertainment consumption

On January 7th, at the Jinshan Cultural and Creative Park in Qingyun County, Dezhou, Shandong Province, the launching ceremony of the 2025 Dezhou "Canal Grand Gathering" New Year's Season and Winter Tour of Qilu "Hospitality Shandong (Dezhou)" New Year's Party was held, with a heavy flow of people. Welcoming the New Year and Sending Ten Thousand Blessings ", calligraphy enthusiasts brush their heads and ink, and the characters" fu "jump onto the paper one by one, allowing citizens and tourists to feel the strong flavor of the New Year. During the Spring Festival, a variety of festive art performances such as dragon and lion dance, acrobatics, Hanfu tour, and "Six Arts" dance were performed at Jinshan Cultural and Creative Park

Wang Wei said that currently, people's aspirations for a better life are diverse, multi-level, and multifaceted. Adapting to the new trend of consumption and providing higher quality supply can effectively enhance people's sense of gain and happiness while promoting consumption and expanding domestic demand

Boosting consumption is of paramount importance, and improving investment efficiency. Recently, in Haotang Village, Wulidian Street, Pingqiao District, Xinyang, Henan Province, under the warm sunshine, more than 10 graduate students gathered in the small courtyard of the Huajian Dyeing Workshop. Under the guidance of the workshop craftsmen, they folded and rolled up pieces of white fabric, immersed them in a plant dye vat, and held their breath, waiting for the brilliant moment to be revealed

Our tie dye handmade experience is very popular among tourists. The dyeing workshop integrates multiple elements such as homestays, photography, and reading, not only bringing new vitality to tie dyeing handicrafts, but also bringing a brand new artistic experience to everyone Dyeing craftsman Zhang Weixing said

The implantation of the "Eight Craftsmen" into the beautiful rural Haotang is a measure taken by Pingqiao District to promote the spirit of craftsmanship and expand service consumption. The "Eight Masters" include carpenters, blacksmiths, weavers, bricklayers, shavers, potters, tailors, leatherworkers, etc. New consumption scenarios drive higher popularity. In 2024, Pingqiao District received a total of 3.1226 million tourists and generated a total tourism revenue of 1.084 billion yuan

Wang Yuan, Deputy Director of the Social Development Research Institute of the National Development and Reform Commission, believes that expanding domestic demand not only has strategic necessity and foresight, but also tactical feasibility and operability. The foundation of China's economic development is stable, with many advantages, strong resilience, and great potential. The supporting conditions and basic trends for long-term improvement have not changed. As the most promising consumer market in the world, China is still growing and expanding. The rapid development of new industrialization, informatization, urbanization, and agricultural modernization brings vast investment demand space, providing the most solid guarantee for expanding domestic demand in all aspects

Expanding domestic demand in all aspects and boosting consumption are of paramount importance

Yi Shaohua said that to boost consumption, efforts should be made to enhance consumption capacity and willingness, promote stable income growth for residents, improve the consumption environment, and strengthen the implementation of the "two new" policies; Efforts should also be made to adapt to changes in consumption structure and enhance the adaptability of supply and demand, vigorously cultivating new types of consumption such as culture, tourism, sports, and digital; Actively develop more diverse consumption scenarios, create new integrated consumption formats with innovative and cross-border characteristics, and stimulate new vitality with new supply

Expanding domestic demand comprehensively, there is still a lot of investment space

Four charging stations were installed in the village, and villagers bought more than 20 new energy vehicles. In Baheyang Village, Shanhu Street, Shengzhou City, Zhejiang Province, the newly built charging station has inspired many villagers to consider replacing their new energy vehicles

Baheyang Village is adjacent to the Chengbei Industrial Park in Shengzhou City. Previously, there were no public charging stations within a radius of 5 kilometers. The village has over 2000 people, with nearly 40% being migrant workers. Lv Jing came to Shengzhou from her hometown of Jiangxi in 2016 to work in freight transportation and has been driving fuel vehicles ever since. Although new energy vehicles save money, charging is inconvenient, and I have been unable to make up my mind to replace them, "said Lv Jing

After learning about the charging demand for new energy vehicles in Baheyang Village and its surrounding areas, State Grid Shaoxing Power Supply Company has designed and installed four fast charging piles with a power of 60 kilowatts in the village, which can charge 90 electric vehicles per day. With the official launch of the charging station, Lv Jing switched to a new energy vehicle: "I calculated that the monthly fuel cost for a fuel powered flatbed truck used to be over 2000 yuan, but now it only costs 600 yuan for electricity, saving nearly 20000 yuan a year." Wang Yuan said that in the investment field, improving investment efficiency is the key. We should not only focus on "filling gaps and increasing momentum", but also provide greater support for "dual" projects, make up for the shortcomings in education, healthcare, elderly care and other fields, and increase investment in scientific and technological innovation, industrial upgrading, green transformation and other fields; We also need to strengthen the coordination between finance and administration, give full play to the leading role of major projects and the leverage role of government investment, optimize the investment environment, and stimulate investment vitality

Accurately grasping the development laws of the domestic market, resolutely solving the prominent problem of insufficient demand, implementing the long-term strategy of expanding domestic demand, continuously stimulating greater potential for investment and consumption, and consolidating a stronger force to promote sustained economic growth