Zheng Shanjie, head of China's National Development and Reform Commission, stated that weak domestic demand is one of the central problems facing the country's economy, according to a statement from the agency.
Support Measures and Business Requests
On November 6, the official met with executives from five large private companies. During discussions on the economic situation and support measures for 2027, Zheng Shanjie emphasized the need to acknowledge real difficulties, such as external shocks and excess supply amid insufficient demand.
"We must face real difficulties — external shocks, strong supply amid weak demand"
To stabilize the situation, authorities intend to accelerate the launch of major infrastructure projects, stimulate private investment, and strengthen economic monitoring to prepare additional support measures.
Economic Indicators
According to data from China's National Bureau of Statistics, retail sales growth rates are showing a slowdown. A decline in GDP growth rates was also recorded in the second quarter.
Economic Indicators
Private sector representatives, including executives from Hengyi, Yulong, TCL, Twins Group, and Power Diamond, appealed to authorities to expand access to financing and energy resources. Businesses also called for measures against unfair and excessive competition.
Context
The meeting took place in Beijing, which had a population of over 21.8 million as of 2020.
