China 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, in an effort 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 last week in Beijing. China will “form an economic development model driven more by domestic demand and powered by consumption,” it said.
The new language signals growing resolve on the part of China’s policymakers to promote consumption ...
