Li Qiang proposed in the government work report to actively build a strong domestic market.

On March 5th, Premier Li Keqiang of the State Council mentioned in the government work report that this year's government work tasks include focusing on building a strong domestic market. The government will adhere to the principle of boosting domestic demand, coordinate efforts to promote consumption and expand investment, explore new growth space for domestic demand, and better leverage the advantages of China's ultra-large-scale market. The government will implement a special action to boost consumption, stimulate the internal driving force of residents' consumption, implement policies to promote consumption, and promote sustained consumption growth. Measures will be taken to increase the income of urban and rural residents, promote income growth among low-income groups, increase residents' property income, improve salary and social security systems, and introduce practical measures in these areas. The government will support the expansion and upgrading of consumer goods consumption by allocating 250 billion yuan of special long-term government bonds to support the replacement of old products with new ones, and optimize the policy implementation mechanism. A special fund of 100 billion yuan for coordinated fiscal and financial support to boost domestic demand will be established, using a combination of loan interest subsidies, financing guarantees, and risk compensation to support the expansion of domestic demand. The policy support for personal consumer loans and loans for service industry entities will be expanded, with higher interest subsidies and an extended implementation period. A one-time credit repair policy will be implemented. An action will be taken to improve service consumption and benefit the people, creating a number of new consumption scenarios that drive a wide range of consumption and accelerate the cultivation of new consumption growth points. The government will stimulate offline consumption and enhance the vitality of consumption in lower-tier markets. Unreasonable restrictions on consumption will be eliminated to unleash the potential for consumption in fields such as culture and tourism, sports, and health. Support will be provided to eligible regions to promote staggered spring and autumn breaks in primary and secondary schools and implement a paid staggered vacation system for employees. Consumer rights protection will be strengthened. The inbound consumption environment will be optimized to promote the "Buy in China" brand. The government will fully tap into and release the potential for effective investment. Focusing on key areas such as new productive forces, new urbanization, and comprehensive human development, efforts will be made to enhance the market-driven effective investment growth momentum and increase the proportion of government investment in people's livelihoods. A total of 755 billion yuan will be allocated for central budget investments this year, with 800 billion yuan of special long-term government bond funding earmarked for the construction of "twin zones" and an increase in central investment subsidies for specific projects. Local government special bond quotas for project construction will be separately allocated and increased, and preferences will continue to be given to regions with sufficient investment readiness and efficient fund utilization. 80 billion yuan in new policy-based financial instruments will be issued to attract more private capital for investment. All types of government investment funds will be effectively coordinated to support regions with strong foundation for work to explore the preparation of comprehensive government investment plans, strengthen project fund supervision, and resolutely prevent inefficient and ineffective investment. Measures will be implemented to promote private investment, improve the long-term mechanism for private enterprises to participate in major project construction, guide private investment to expand into new areas such as high technology and modern service industries, and effectively stimulate private investment vitality.