China turns to domestic demand to power economy

China turns to domestic demand to power economy

Xi Jinping’s administration will focus on ‘self-sufficiency’ in a range of technological sectors dominated by the US

China will prioritise expanding domestic demand in the world’s second-largest economy and achieving “major breakthroughs in core technologies”, the ruling Chinese Communist party said on Thursday as it wrapped up an annual planning meeting in Beijing.

After four days of deliberations, the party’s 200-member Central Committee signed off on a planning blueprint through to 2025, when President Xi Jinping is expected to be at the midpoint of an unprecedented third term in office. But details were scant and the party’s 14th five-year plan may not be fully revealed until it is rubber-stamped by China’s parliament early next year.

Having spent recent years trying to reduce domestic debt levels and weathering a trade war launched by President Donald Trump two years ago, Mr Xi’s administration is turning its attention to achieving “self-sufficiency” in range of technological sectors currently dominated by the US.