4. Expanding domestic demand as a strategic move and fully tapping the potential of the domestic market.

With a focus on improving the people’s wellbeing, we will expand demand, and promote better alignment between consumption and investment, so as to attain a more desirable and dynamic equilibrium between supply and demand.

We will stabilize and expand consumption.

Personal incomes will be increased through multiple channels.

Networks for the flow of goods and services in urban and rural areas will be improved, and rural e-commerce and express delivery services will be expanded to spur greater consumption at the county and township levels.

We will encourage steady increases in spending on home appliances, automobiles, and other big-ticket items, and abolish excessive restrictions on sales of second-hand vehicles.

More car parks and electric vehicle battery charging and swapping facilities will be built, and the system for recycling power batteries will be developed at a faster pace.

Consumption of services such as healthcare, culture, tourism, and sports will be promoted.

Enterprises are encouraged to develop new products and services, and better market access will be provided for new products.

We will ensure that products sold domestically are produced on the same production lines, meet the same standards, and are of the same quality as exported products.

We will ensure that convenience stores, shops, and other neighborhood services are well-run.

We will use the Internet Plus model to promote integrated development of online and offline businesses in more fields and create new forms and models of business, thus providing more convenient and satisfying services for consumers.

We will also encourage platform companies to reduce their service fees as appropriate.

By taking these steps, we will steadily improve people’s consumption capacity and the environment for consumption and ensure that our people have the ability and willingness to spend, thus improving their lives and driving economic development.

We will expand effective investment.

This year, 3.65 trillion yuan of local government special-purpose bonds will be issued and the way funds from bond issues are used will be improved.

The scope of use for such bonds will be expanded as appropriate, with priority given to funding for key projects already under construction.

The central government will earmark a total of 610 billion yuan for investment in its budget.

We will continue to support the construction of major projects that facilitate coordinated development among regions, and launch new infrastructure and new urbanization initiatives as well as major projects.

We will also launch a number of major transportation, energy, and water conservancy projects, develop information networks and other new types of infrastructure, and work to modernize the logistics system.

Government investment will be weighted toward projects which will help significantly improve the people’s wellbeing.

Rebuilding and renovation of 53,000 old urban residential communities will begin, and the public service standards of county towns will be raised.

Investment approval procedures will be streamlined, and the business-invested project commitment system will be put into practice.

Reform of the system for construction project approval will be furthered.

We will improve our policies for encouraging the participation of nongovernmental capital, and do more to remove barriers impeding private investment, so that such investment can enter, develop, and yield good returns in more fields.