China's NDRC Drafts Plan to Boost Weak Domestic Demand
Zuo Gang of the National Development and Reform Commission announced a new strategy to expand domestic demand to counter weak economic recovery momentum.
The National Development and Reform Commission is drafting an implementation plan for a strategy to expand domestic demand for the period of 2026-2030. Zuo Gang, a deputy director at the agency, announced the move on Tuesday, stating that the foundation and momentum for China's economic recovery remain relatively weak despite steady expansion.
These remarks follow the release of third-quarter growth data on Monday. While the figures exceeded expectations, the growth was driven by strong exports that offset weak domestic consumer spending. Zuo noted a pronounced mismatch between strong supply and weak demand within China, compounded by divergence across industries and the deepening impacts of external shocks.
The agency intends to accelerate the issuance and implementation of the new strategy to address these structural imbalances and stabilize the domestic economy.
