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Consumers top Xi’s action list

Consumers top Xi’s action list

 


President Xi Jinping has telegraphed plans to revive consumption and reaffirmed his ambition to accelerate China’s race for technological independence – two of the biggest challenges facing the country.

China will establish a long-term mechanism to boost consumption so that people have a stable income and can spend “carefree”, Xi said yesterday.

There must be a firm strategic plan to boost domestic demand alongside efforts to advance supply-side reforms, state media also said quoting Xi at a Party politburo study session. Communist.

The mechanism, he said, should enable people “to consume with stable income, dare to spend without worrying about the future, and have a strong urge to spend in a good consumption environment.”

Since the Central Economic Work Conference in December, top policymakers have repeatedly pledged to focus on bolstering consumption to spur an economic recovery this year.

Xi also said China will strive to be a key global science and technology innovation leader to achieve technological autonomy and solve the problem of foreign “grips”.

He and other leaders have pledged to bolster China’s state-led system to achieve breakthroughs in core technologies amid tensions with the United States.

And China will improve its investment mechanism, advance the construction of new infrastructure, increase investment in strategic and high-tech emerging industries, Xi said.

Beijing on Tuesday accused Washington of pursuing “tech hegemony” following reports that the United States may be stepping up pressure on tech giant Huawei by blocking access to American suppliers.

Such action by the Biden administration could significantly restrict Huawei’s access to processor chips and other components and technology.

The company, which makes networking equipment and smartphones, has been on a U.S. Commerce Department’s Entity List since 2019 of companies with licensing requirements but allowed to purchase less advanced components.

Against this, Xi said, China will continue to boost private investment.

The economy grew 3% last year, well below the official target of around 5.5% and hitting one of its worst rates in nearly half a century.

But growth is expected to rebound to around 5% this year after leaders abandoned tough Covid restrictions in December.

REUTERS/ASSOCIATED PRESS

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