CHINA will strive to expand domestic demand, ensure a speedy economic recovery and promote stable growth, according to an interim report on China’s 14th five-year plan published Wednesday.

China will take various measures to ensure it meets the targets outlined in the 14th five-year plan for the 2021-2025 period, Zheng Shanjie, director of the National Development and Reform Commission, the country’s top economic planning body, was quoted as saying at a meeting held Tuesday.

The country will “prioritize the restoration and expansion of consumption, stabilize bulk consumption and promote consumption of services,” Zheng said in the assessment report delivered to the ongoing session of the Standing Committee of the National People’s Congress, China’s top legislature.

China will also accelerate reforms aimed at expanding the country’s middle-income bracket, Zheng said.

The government has in recent months unveiled a series of measures to shore up a post-pandemic economic recovery, held back by a property slump and slow global growth.

China will deepen its market-oriented reforms and institutional opening up to boost development, according to Zheng.

China will also prevent and resolve risks in key areas...”co-ordinate the resolution of risks in real estate, local government debt and small and medium-sized financial institutions.”

Zheng also said China needs to step up its development of high technology to overcome a blockade on technology exports imposed by some countries.

“[China] must accelerate breakthroughs in key core technologies, achieve a high level of scientific and technological self-reliance, and avoid technologies and industries being ‘locked’ in the low-end and middle-end.”

The five-year plan is China’s policy blueprint for medium-term social and economic development.

The 14th five-year plan, covering the years 2021 to 2025, was officially endorsed by the National People’s Congress on March 11 in 2021. (SD-Agencies)