NDRC plans to unlock China's untapped market potential

With the boosting of domestic demand a key priority during the 15th Five-Year Plan (2026-30) period, China will formulate and release an implementation plan to aid in accomplishing that goal, Wang Changlin, deputy head of the National Development and Reform Commission, said on Friday.

"China's advantages as a super-sized market have not been fully leveraged, and there remains enormous potential for consumption, especially service consumption," Wang said, adding that the country will take further steps to boost consumption in the next phase.

According to the NDRC, China will accelerate the allocation of this year's 755 billion yuan ($110.6 billion) in central government investment funds and 1 trillion yuan in ultra-long special treasury bonds, with most of the funds expected to be in place by the end of June.

Meanwhile, Wang said China will further raise quotas for local government special-purpose bonds earmarked for projects, while speeding up the rollout of new types of policy-backed financial instruments worth 800 billion yuan.

Going forward, the authorities will strengthen policy coordination, keep a package of comprehensive policy measures in the pipeline, and roll them out in a timely manner in response to evolving conditions, Wang added.