The continued development of private enterprise was identified as a key step in achieving President Xi’s goal of ‘common prosperity,’ with particular importance placed on businesses in the micro, small and medium-sized categories.
Zhao Chenxin, Deputy Director of China’s National Development and Reform Commission, called for increased overseas investment in high-end manufacturing and R&D centres as part of efforts to improve the security of China’s industrial supply chains.
Other important commentary
- The theme of modernizing China’s industrial sector continues to be prominent with experts calling for an improvement in the country’s independent innovation capabilities, including accelerating the integration of digital technologies with the real economy.
- China’s six largest state-owned banks issued announcements stating their intention to increase support for the real economy, establish measures to implement monetary policy and increase efforts to stabilize the economy more effectively.
- Self-sufficiency was again a highlight, with President Xi’s comments on food security widely reported in the broader context of national security.
- Wang Jun, a prominent member of China’s Chief Economist Forum, emphasized the need to optimise Chinese citizens’ consumption habits to take advantage of the continued potential for growth in the domestic market.
- In praising the success of policy-linked financing initiatives in supporting key infrastructure projects, the NDRC’s Zhao Chenxin announced plans for large-scale solar and wind farms in the Gobi Desert with a total production capacity of 450 million kilowatts.