China's Xi Jinping puts domestic market at forefront in high-profile meeting

South China Morning Post

21 hours ago

President Xi Jinping reiterated the need for China to develop a 'unified national market' at a high-profile economic meeting on Tuesday, a task which has taken on greater urgency as the country prioritises domestic demand amid a more uncertain external landscape.
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Greater efforts are needed to address a variety of issues facing the world's second-largest economy, the Central Financial and Economic Affairs Commission said in a readout from their sixth meeting, explicitly calling for a crackdown on the
cutthroat competition between firms that has lowered prices, a phasing out of obsolete industrial capacity and an improvement to the business environment.
The commission – a body of the ruling Communist Party which supervises economic matters – also stressed the need to 'better integrate domestic and foreign trade, facilitate the transition of export-oriented goods to the domestic market, and foster a group of high-performing firms engaged in both,' according to the readout, cited by state news agency Xinhua.
Authorities will also continue targeted enforcement campaigns to standardise how regulations are implemented for businesses.
'Building a
unified national market is a requirement for high-quality development, and the country should strengthen coordination and cooperation to form a concerted effort,' Xi was quoted as saying.
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Four of the seven members of the party's powerful
Politburo Standing Committee – Xi, Premier Li Qiang, head of the party's general office Cai Qi and Vice-Premier Ding Xuexiang – attended the meeting.
The commission is continuing to emphasise the importance of keeping the economy open, said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.