China will “form an economic development model driven more by domestic demand and powered by consumption". — Bloomberg
BEIJING: China has pledged to “significantly” boost the share of consumption in its economy over the next five years while keeping tech and manufacturing as the top priorities to become less reliant on exports after a steep escalation of trade tensions in 2025.
The Communist Party made the pledge Tuesday in a detailed document that was discussed at its fourth plenum held here last week. China will “form an economic development model driven more by domestic demand and powered by consumption,” it said.
