MNI: China's Xi Pledges Reform, Eyes Domestic Demand Growth

China will expand domestic demand, improve global economic cooperation and implement further reforms as it strives for high-quality development and a reasonable growth rate over the next 15 years, President Xi Jinping told 3000 delegates during the opening ceremony of the 20th National Congress of the Chinese Communist Party in Beijing on Sunday.

China will accelerate the development of its “new development paradigm” built on the concept of "dual circulation", in which growth in domestic and overseas markets reinforce each other, with the domestic market expected to become the mainstay of growth. Development will also incorporate reforms of China socialist market economy and high-level opening up of the economy.

The President said China will promote reasonable growth by expanding domestic demand, deepening supply-side structural reforms, increasing total factor productivity, safeguarding industrial supply chains, promoting urban-rural integration, and through coordinated regional development.

Xi emphasized the ongoing role for market forces in the Chinese economy, ensuring they are allowed to “play a decisive role” in resource allocation for developing a modern industrial system. The speech reaffirmed commitments to developing the real economy and enhancing manufacturing, aerospace, transportation, internet and digitalisation in China.

China will enhance its role as a trading powerhouse, promote the development of its “Belt and Road” initiative, and maintain diversified and stable economic trade relations, Xi added. Policymakers will continue to promote common prosperity by increasing the incomes of low-income people and growing the middle class.