How will China stimulate economy?
2022.12.14 07:06
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How will China stimulate economy?
Budrigannews.com – The official Xinhua news agency reported on Wednesday that China has plans to increase domestic consumption and investment in the face of COVID and decreasing external demand.
While a weakening global economy hurts Chinese exports and an abrupt relaxation of severe COVID-related curbs ushers in a surge of infections, Chinese policymakers face multiple challenges.
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According to Xinhua, citing the cabinet’s 2022-2035 plans, increasing domestic demand will assist China in pursuing higher-quality economic growth and coping with external risks and challenges.
According to Xinhua, “We must firmly implement the strategy of expanding domestic demand,” “enhance the resilience of economic development, promote sustainable and healthy economic development,” and “enhance residents’ consumption and effective investment.”
According to Xinhua, the country’s “dual circulation” strategy will be supported by the move to increase domestic demand.
For the next phase of its economic development, China has unveiled a “dual circulation” strategy that emphasizes “domestic circulation,” or the internal cycle of production, distribution, and consumption, supported by economic innovation and upgrades.
