More efforts needed to build a strong domestic market

How to increase domestic demand in order to strengthen the domestic market and boost the dual circulation development paradigm is an important subject of discussion at this year's annual sessions of the National People's Congress, the country's top legislature, and the National Committee of the Chinese People's Political Consultative Conference, the top political advisory body.

In the 14th Five-Year Plan (2021-25) for National Economic and Social Development and Long-Range Objectives Through the Year 2035 submitted to the NPC for review, one section stresses that China will build a strong domestic market and boost the new development paradigm.

The Government Work Report that Premier Li Keqiang delivered to the top legislature says the country will continue taking measures to expand domestic demand.

Under the dual circulation development paradigm, domestic demand will play an increasingly important role in China's economic growth. The 14th Five-Year Plan lays out a road map for fostering new types of consumption and increasing service consumption, especially in rural areas. Given that China's vast domestic market still has huge potential, the country should upgrade consumption and accelerate efforts to foster and expand new areas of consumption growth to lay a solid foundation for sound, sustainable development.

During the fight against the novel coronavirus outbreak new types of consumption such as online shopping, online education, work from home, telemedicine, online entertainment and online social networking have become important forces promoting consumption.

The country should continue taking measures to develop new consumption models and remove the obstacles hampering their development to realize their full potential.

Considering that rural consumption demand is one of the important factors boosting domestic circulation, the government should make efforts to expand rural consumption, so as to increase overall domestic demand. It should speed up the reform of the agriculture industry's structure and promote industrialized and large-scale agricultural operations to increase farmers' incomes. At the same time, rural infrastructure construction should be strengthened to promote the standardization, digitalization and industrialization of rural products and services.

A sound business environment is conducive to unleashing domestic demand potential. To further expand domestic demand, the government needs to take more targeted and innovative measures to improve the business environment.