China Plans Major Investments to Boost Domestic Consumption

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China Plans Major Investments to Boost Domestic Consumption
Photo: Xie Huanchi Xinhua/AP/TT

China will make significant investments to boost domestic consumption over the next five years. The purpose is to make the country's economy and long-term growth less dependent on foreign trade, according to a statement from the Communist Party.

The statement was made in plenum in Beijing last week where the guidelines for the next five-year plan were drawn up by the party elite, including China's President Xi Jinping.

The next five-year period begins in 2026.

Technological independence is another keyword in the document.

The full five-year plan will be published in connection with its approval at the People's Congress annual meeting in March.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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