China's widening market: Boosting domestic consumption a top priority
By Feng Ran, Shao Cong
The Chinese government has for long promoted a more diversified market. On the international stage, the country has been an active participant in promoting a multilateral trading system and reforming global economic governance.
In his New Year speech, Chinese President Xi Jinping said, "Despite all sorts of risks and challenges, we pushed our economy toward high-quality development, paced up the replacement of old drivers of growth, and kept major economic indicators within a reasonable range."
Free Trade Agreements is one of the effective approaches. The past year saw several rounds of negotiations toward fresh deals and updates to previous agreements. This includes the China-Japan-South Korea Free Trade Zone, a scheme that brings the three countries a step closer to improving regional trade and liberalizing investment. China has over 20 FTAs currently in the works. Among them, three agreements were recently updated, namely those with the ASEAN bloc, Singapore and Chile.
Integrating into the global economy is one thing, but restructuring the domestic economy is another. Domestically, China is looking to boost consumption. The country seeks to optimize its economic structure and turn pressure into the impetus for high-quality development. Beijing has promised to continue efforts to promote tech innovation, foster new industrial clusters and establish a unified market system. By doing so, the country is determined to boost its domestic consumption and build a diversified business environment.