China's Xi calls for stronger domestic demand, innovation

Chinese President Xi Jinping called for stronger domestic demand and accelerated innovation to support economic growth in an article published by the Communist Party’s Qiushi journal.

The article, which contained excerpts from Xi’s speech at last year’s Central Economic Work Conference, said this year’s economic tasks are complex and require focusing on key priorities.

Xi emphasized the need to make domestic demand the main driver of growth by building a strong domestic market and coordinating efforts to boost consumption and expand investment. 

Measures include increasing the supply of quality goods and services, unlocking consumption potential in sectors such as culture and tourism, stabilizing investment and appropriately expanding central government budgetary spending, the article said.

Xi also called for strengthening innovation-led development, advancing the construction of international technology and innovation centers in Beijing, Shanghai, and the Greater Bay Area, and expanding the application and governance of artificial intelligence.

Xi further urged efforts to curb “involution-style” competition, deepen reforms of state-owned enterprises, improve policies supporting the private sector, expand opening-up in services, advance the Hainan Free Trade Port and stabilize the property market.