波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Colin Speakman

Strengthening domestic demand central to China's new five-year plan

By Colin Speakman | chinadaily.com.cn | Updated: 2025-12-12 14:08
Share
Share - WeChat
People learn about a self-cleaning robot at the 4th Global Digital Trade Expo in Hangzhou, East China's Zhejiang province, Sept 25, 2025. [Photo/Xinhua]

With China's Central Economic Work Conference now in the rearview mirror, leaders worldwide will watch closely as the country transitions from its 14th Five-Year Plan into the 15th beginning in 2026. The conference, held in Beijing from Dec 10 to 11, serves as a forum to iron out the details of the coming year's economic goals.

China is expected to maintain its “dual circulation model" of focusing on strong domestic demand while seizing external opportunities through trade as it aims for around 5 percent economic growth.

China's exports encountered headwinds when US President Trump imposed “Liberation Day" tariffs, but the nation's economic resilience helped sustain its export momentum as other nations increasingly viewed the world's second largest economy as a stable and reliable trading partner.

Strong ties with Belt and Road partners, the expansion of BRICS, and participation in the Regional Comprehensive Economic Partnership have all supported export growth outside the US. Even traditional US allies, such as Australia and several European countries, saw a surge in Chinese imports, with China's exports to the EU increasing by 14.8 percent.

The concept of “non-US exports" has gathered momentum. While shipments to the US fell nearly 29 percent year-on-year in November, robust growth in other markets lifted total exports by 5.9 percent – leading to China's trade surplus topping $1 trillion for the first time. Still, Chinese exporters face challenges ahead, particularly given Europe's sluggish economic growth, with the UK barely growing and EU expected to expand only 1.4 percent in 2025.

Against this backdrop, strengthening domestic demand — consisting of household consumption, business investment, and government expenditure — is expected to be a central theme. Short-term stimulus must be balanced with long-term structural reforms, as the property-driven investment model has largely run its course.

A key task will be determining how and when to restructure demand toward household spending, supported by the growth of consumer-oriented industries. This will require supply-side upgrades in sectors ranging from electronics to sporting goods, with deeper integration of AI. Demand will also be stimulated through measures such as discount vouchers or tax rebates.

Compared to advanced Western economies, a notable difference lies in the relatively low share of services consumption in China. Policies that promote travel, tourism, and dining service will be important. They will need to be supported by a stronger service sector labor supply and encouraging labor mobility.

The government's expenditure will also play a vital role. Expansionary fiscal policies are expected to target areas that meet growing social needs, including healthcare, childcare, elder care, and education — investments that can lift workforce productivity and align with the goal of “investing in people".

The IMF raised its forecast for China's economic growth to 5 percent in 2025 and 4.5 percent in 2026 — upgrades of 0.2 and 0.3 percentage point, respectively, from its October outlook — driven by solid exports and fiscal stimulus. In a global environment of slow growth, a 5 percent growth rate would be the envy of many Western economies, particularly as China continues to push forward with structural reforms while managing external headwinds.

Colin Speakman is an economist from the UK and an international educator specializing in China. The opinions expressed here are those of the writer and do not necessarily represent the views of China Daily and China Daily website.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
久久久久亚洲AV成人无码国产| 欧美日韩欧美一区二区| 精品美女被调教视频大全网站| 亚洲国产日韩在线一区模特| av影院午夜一区| 一本在线高清不卡dvd| 国产精品午夜电影| 久久成人免费网| 能免费看av的网站| 精品国产一区二区精华| 日本伊人色综合网| v8888av| 日韩一级黄色大片| 日本一不卡视频| 97超碰在线免费观看| 日韩精品最新网址| 美女免费视频一区| 亚洲欧洲久久久| 久久综合久久鬼色中文字| 极品少妇xxxx偷拍精品少妇| 亚洲无人区码一码二码三码的含义| 精品久久久久久久久久久久久久久久久 | 大黑人交xxx极品hd| 欧美一区二区三区在线看| 首页综合国产亚洲丝袜| 奇米888四色在线精品| 中文在线观看免费视频| 欧美一级搡bbbb搡bbbb| 蜜臀久久久99精品久久久久久| 微拍福利一区二区| 国产婷婷色一区二区三区四区| 国产麻豆成人精品| 男人操女人的视频网站| 亚洲免费观看在线观看| 日本wwwwwww| 日韩免费看网站| 国产一区二区美女| 69av视频在线| 亚洲永久精品国产| 亚洲国产欧美视频| 欧美激情综合五月色丁香| zzijzzij亚洲日本少妇熟睡| 欧美在线综合视频| 日韩国产一二三区| 五月婷婷欧美激情| 亚洲视频香蕉人妖| 亚洲欧洲日韩在线| 91麻豆swag| 欧美一二三四在线| 国内不卡的二区三区中文字幕| 成人性生活毛片| 亚洲成av人片在线观看| www..com.cn蕾丝视频在线观看免费版| 欧美激情综合网| 亚洲一级Av无码毛片久久精品| 日韩一级大片在线观看| 国产成人av在线影院| 欧美性视频一区二区三区| 日韩精品免费视频人成| 91香蕉视频污在线观看| 亚洲综合成人网| 性猛交ⅹxxx富婆video| 亚洲欧美偷拍另类a∨色屁股| 精品无码av一区二区三区不卡| 欧美大片在线观看| 国产不卡免费视频| 欧美高清性hdvideosex| 国内精品久久久久影院色| 在线影院国内精品| 美女国产一区二区三区| 色婷婷在线视频观看| 日韩精品91亚洲二区在线观看| 久久国产高清视频| 午夜影院久久久| 亚洲精品国产精品国自| 亚洲一区二区三区四区五区黄| 少妇av片在线观看| 亚洲成av人影院| 青青青在线免费观看| 日韩av电影天堂| 一本大道久久a久久精二百| 美女久久久精品| 欧美日韩国产精选| 丰满放荡岳乱妇91ww| 日韩欧美一二三| 久久无码人妻一区二区三区| 国产亚洲精久久久久久| 在线观看国产三级| 亚洲欧美福利一区二区| 少妇一级黄色片| 天堂蜜桃91精品| 色噜噜久久综合| 国产iv一区二区三区| 欧美成人a∨高清免费观看| 女人扒开双腿让男人捅 | 日韩精品中文字幕一区二区三区| 99精品视频在线观看免费| 久久久久久久综合色一本| 性欧美18—19sex性高清| 亚洲天堂福利av| 91动漫免费网站| 裸体健美xxxx欧美裸体表演| 欧美乱妇15p| 91视频国产资源| 中文字幕在线播放不卡一区| 成人无码av片在线观看| 日韩成人伦理电影在线观看| 欧美三区在线观看| av成人老司机| 中文字幕免费观看一区| 日本一二三不卡视频| 免费看黄色91| 欧美一区二区女人| 国产精品久久久久久亚洲色| 一区二区三区日韩精品视频| 国产一区二区播放| 国产成人精品免费网站| 亚洲国产精品二十页| 免费黄在线观看| 久久99精品久久只有精品| 日韩午夜在线影院| 给我免费观看片在线电影的| 亚洲国产中文字幕在线视频综合| 欧美天堂一区二区三区| 91免费国产在线| 伊人夜夜躁av伊人久久| 欧美主播一区二区三区| 91在线视频观看| 亚洲激情自拍视频| 在线欧美日韩精品| 91理论电影在线观看| 亚洲精品亚洲人成人网在线播放| 91成人国产精品| 成人三级做爰av| 亚洲v日本v欧美v久久精品| 欧美日本一区二区| 91传媒理伦片在线观看| 午夜不卡av免费| 欧美一区二区三区的| 国产三级国产精品| 经典三级在线一区| 国产欧美精品一区二区色综合 | 成人污污视频在线观看| 国产精品成人在线观看| 色一区在线观看| 91麻豆成人久久精品二区三区| 亚洲午夜久久久久久久久久久| 5858s免费视频成人| 三级黄色片网站| 久久99精品久久久久久| 久久精品网站免费观看| 午夜精品福利在线视频| 91丝袜高跟美女视频| 亚洲国产精品精华液网站| 91精品久久久久久蜜臀| 三上悠亚ssⅰn939无码播放 | 蜜桃91丨九色丨蝌蚪91桃色| 日韩视频一区在线观看| 少妇人妻好深好紧精品无码| 丰满亚洲少妇av| 尤物视频一区二区| 欧美成人精品福利| 尤物在线免费视频| 久久久久国产免费| 国产精品资源在线观看| 一区二区三区在线观看国产| 国产毛片欧美毛片久久久| 亚洲一二三级电影| 4438成人网| 色噜噜日韩精品欧美一区二区| 麻豆精品国产91久久久久久| 久久午夜免费电影| 777777国产7777777| 91亚洲精品一区二区乱码| 亚洲激情图片小说视频| 色综合久久中文综合久久97| 成人三级做爰av| 午夜影院久久久| 久久综合久久综合亚洲| 视频国产一区二区| 成人激情开心网| 亚洲一区二区在线免费观看视频| 在线综合视频播放| 国产黄色大片免费看| 成人午夜私人影院| 亚洲精品v日韩精品| 欧美日韩中字一区| 91精品国自产在线| 欧美精品三级在线观看| 色哟哟精品观看| 国产91色综合久久免费分享| 亚洲午夜私人影院| 日韩精品一区二区三区在线观看| 永久免费看mv网站入口78| 成人性生交大片免费看中文网站| 日韩高清不卡在线| 久久先锋影音av| 中文字幕在线观看2018| 蜜臀aⅴ国产精品久久久国产老师| 美女一区二区三区在线观看|