China to expand domestic demand to cope with external shocks

 China needs to expand domestic demand to cope with external shocks and meet people's needs for a better life, an official said.

Liu Rihong, an official from the Research Office of the State Council, made the remarks during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

In a push to bolster domestic demand, China is set to boost household consumption through a multi-pronged approach over the next five years.

Key measures include leveraging new technologies, increasing the supply of high-quality consumer goods and services, and removing unreasonable consumption restrictions, Liu said.

Furthermore, efforts will be made to improve the income distribution structure, and enhance the social security system.

He also noted that China still has significant potential and room for fixed-asset investment.