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  • Beijing Review

    CONSUMPTION-LED DEVELOPMENT

    Dec 31, 2020 4 minutes
    By Kuang Xianming
    Copyedited by Sudeshna Sarkar

    The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC) in October 2020 decided to comprehensively promote consumption and further its fundamental role in driving economic development. A major task during the 14th Five-Year Plan (2021-25) period will be to adapt to the general trend of consumption upgrading and accelerate unleashing the consumption potential of 1.4 billion people to lay a solid foundation for high-quality development.

    The author is director of the Economic Research Center at the China Institute for Reform and Development

    Structural upgrading

    Statistics during the past few years show that consumption in China has not only grown

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