Han Wenxiu, deputy director of the Office of the Central Financial and Economic Commission in charge of daily work, said at the annual meeting of the China Development Forum 2025, which opened on March 23 that amid increasing external uncertainties and destabilizing factors, China will firmly run its own affairs and cope with external uncertainties with the certainty of high-quality development. We will work hard to provide an anchor of stability for world economic development.

Not long ago, the Two Sessions of the National People's Congress were held, and the main expected targets for this year's economic and social development were clarified. "These targets are prudent and pragmatic, taking into account the need to stabilize employment, improve people's lives and prevent risks, as well as the potential of China's economic growth, the driving force for deepening reform and opening up, and the effectiveness of incremental and stock policies." Han Wenxiu said at the annual meeting.

In Han Wenxiu's view, since the beginning of this year, China's economy has continued to rebound and is expected to achieve a good start, and there is still room for counter-cyclical adjustment of macro policies. China is confident that high-quality development will increase stability and certainty for the prosperity and development of the world. He focuses on five areas of "certainty".

-- We should adhere to the long-term strategy of expanding domestic demand and strive to make consumption the main driving force and ballast of economic growth.

Han Wenxiu said that at present, China's consumption scale is very large, but the proportion of consumption in the national economy and total demand is still relatively low, and there is a gap of about 20 percentage points with developed countries, and the potential for expanding consumption is huge. China will take a comprehensive approach to expand consumption and create a situation in which high-quality development and quality of life reinforce and complement each other.

First, we will increase consumption capacity. On the basis of promoting economic growth and raising labor productivity, we will increase the income of urban and rural residents, optimize the income distribution structure, and raise the share of personal income in national income so that consumers have more money to spend.

Second, we will expand service consumption. We will actively develop the first-tier economy, healthy consumption, ice and snow economy, and silver economy, and make cultural tourism an important pillar industry. Create more high-quality service consumer products and scenarios, so that consumers have more medium and high-end services to consume.

Third, we will improve the consumption environment. It is necessary to form a strong deterrent to protect the rights and interests of consumers, and turn every day into "3·15", so that consumers can rest assured and consume at ease.

Fourth, reduce worries. This year, we will raise the minimum basic pension for urban and rural residents, appropriately raise the basic pension for retirees, and accelerate the development of the third pillar pension insurance. In the future, we will steadily improve the level of public services and social security.

-- We will continue to deepen supply-side structural reform and constantly renew old growth drivers and develop new ones.

Han Wenxiu said that China has complete industrial categories, complete industrial chain system, strong supporting capacity and obvious integration advantages, which is unique in the world, "We have the basis and conditions to continue to deepen the supply-side structural reform and promote the quality and efficiency of the supply system."

First, we will replace old growth drivers with new ones. China will continue to be guided by science and technology and driven by innovation, develop new quality productivity in light of local conditions, vigorously develop emerging industries, actively foster future industries, and actively use digital technologies, green technologies and artificial intelligence to transform and upgrade traditional industries.

The second is to comprehensively rectify the "internal volume" competition. China will regulate the behavior of local governments and enterprises, regulate the vicious competition of ultra-low prices in accordance with the law, regulate the order of competition, advocate "quality and good prices", oppose low-quality prices, and encourage enterprises to survive the fittest and clear the market dynamics. We will vigorously promote entrepreneurship, encourage old, middle-aged and young entrepreneurs to work together, and promote coordinated development of large, small and medium-sized enterprises.

-- Pursuing openness and cooperation for mutual benefit.

Han Wenxiu said that no matter how the international situation changes, China will unswervingly promote high-level opening up, steadily expand institutional opening up, orderly expand independent opening up and unilateral opening up, deepen the reform of the foreign investment promotion system and mechanism, create a market-oriented, law-based and international first-class business environment, and steadily promote the opening up of the service industry, including the financial industry. We will actively develop green trade and digital trade.

Han Wenxiu said that at present, unilateralism and protectionism are on the rise, economic globalization has encountered countercurrents, and historical experience and lessons have repeatedly proved that open cooperation is the way to win-win, and tariff wars and trade wars have no winners, which harm both people and themselves. In the face of unreasonable repression and containment, China will resolutely take countermeasures and effectively respond to them to earnestly safeguard its own interests.

Han Wenxiu introduced that over the years, China, as a responsible major country, has firmly upheld the multilateral trading system and demonstrated its responsibility as a major country in promoting economic globalization. Significant progress has been made in rebalancing the Chinese economy, with the current account surplus falling from a peak of about 10% of GDP in 2007 to about 2% now.

-- Adhering to balanced development and security, and effectively preventing and defusing risks in key areas.

Han Wenxiu said that in recent years, China has made great efforts to defuse the risks of the real estate market, local government debt and small and medium-sized financial institutions, and through hard work, these three risks have been effectively controlled and are in a state of convergence. Since the fourth quarter of last year, real estate market transactions and prices have shown positive changes, and the recovery trend in first-tier cities is more obvious.

"We will continue to push the real estate market to stabilize, accelerate the construction of a new model of real estate development, and promote the long-term sustained and healthy development of the real estate market." Han Wenxiu introduced that China will continue to do a good job of replacing the hidden debt of local governments, promote the market-oriented transformation of local financing platforms and resolve debt risks. We will attach great importance to solving the problem of defaulting corporate accounts, make good use of fiscal and monetary policy tools, and strive to make significant progress as soon as possible.

-- Pursuing green and low-carbon development and accelerating the building of a beautiful China.

Han Wenxiu said that China will continue to promote the comprehensive green transformation of economic and social development, and jointly promote carbon reduction, pollution reduction, green expansion and growth. We will further advance the energy revolution, make clean and efficient use of traditional energy sources, and continue to promote the development of new energy industries. We will actively yet prudently promote peak carbon neutrality, build a number of zero-carbon parks and zero-carbon factories, and actively participate in and lead global environmental and climate governance.

"We have the confidence to build on this momentum, implement more proactive and promising macro policies, further deepen reform in an all-round way, expand high-level opening up, and achieve a successful conclusion of the 14th Five-Year Plan with new results of high-quality development, laying a good foundation for the development of the 15th Five-Year Plan." Han Wenxiu said.

Source: Chinese government website