As China's economy undergoes structural changes, officials shared their views on multiple ways to promote high-quality development at 2019 CCTV Financial Forum held in Beijing on Friday.

Xiao Yaqing, head of the State Administration of Market Regulation, highlighted the importance of consumption in high-quality development at the forum.

Xiao said that China should pay more attention to the important role of consumer demands in promoting high-quality development, instead of mainly eyeing on the supply side.

As China's economic development enters a new era, consumption has become an important force driving economic growth. The country has a huge domestic consumer market of nearly 1.4 billion people and the world's largest middle-income group, which unleashes huge consumption potential and serves as an important advantage in participating in international competition, said Xiao.

Xiao also said that consumers' choices are important driving forces for improving product quality and services. Consumer-oriented innovation, on the other hand, provides direction for industrial innovation.

Only by safeguarding the rights and interests of consumers and creating a good market environment can we tap the strengths and potential of the strong domestic market, expand the space for enterprise development, and improve the quality of development, Xiao added.

Capital market to be more competitive

Yan Qingmin, vice chairman of the China Securities Regulatory Commission (CSRC), talked about the high-quality development of China's capital market and the need to adapt to the global market.

Yan said that China's capital market has grown from scratch, and has achieved leapfrog development after 30 years of development. Going forward, the new challenge facing the country is to become more competitive in the global market.

Yan also stressed the importance of serving the real economy and making the capital market more inclusive.

Yan said the capital market has the advantages of high pricing efficiency, and the market has a better role in assisting the development of the technology industry as well as improving the competitiveness of domestic capital markets. He said the successful experience of the sci-tech innovation board should be applied to the Growth Enterprise Market (GEM) and the New Third Board.

New course for 2020

Shen Haixiong, president of the China Media Group (CMG), said at the beginning of the forum that the forum conforms to the spirit of the annual Central Economic Work Conference held in Beijing from Tuesday to Thursday.

Shen said the forum aims to explore issues such as deepening reform and opening-up, policy responses, business environment, and collect insights to accelerate the construction of a modern economic system in the new era and strive to achieve higher quality, efficiency, fairness, and sustainable development.

According to the annual conference, in 2020, the country will continue to uphold proactive fiscal policy, prudent monetary policy and deepen economic system reform. The country will pursue high-quality development by building an economy driven by innovation, reform and opening-up, according to a statement during the conference.

The government will accelerate the implementation of regional development strategies, including the coordinated development of the Beijing-Tianjin-Hebei region, the integrated development of the Yangtze River Delta, and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, said the statement.