China outlines statistical reform and domestic demand strategies

China has released the ‘15th Five-Year Plan for Statistical Reform and Development’ to support national modernization through improved economic data and monitoring. The plan aims to refine national economic accounting, enhance the statistical indicators for new quality productive forces, and improve the accuracy of data regarding social welfare and new economic sectors.

A key component of China's long-term economic strategy involves expanding domestic demand to drive sustainable growth. This strategy focuses on transforming the country's massive market advantage into a source of internal momentum, reducing reliance on external demand, and fostering the integration of innovation, industrial chains, and demand chains.

To address current challenges such as insufficient total demand and supply-demand mismatches, policy efforts are directed toward optimizing distribution, improving social security, and enhancing the quality of supply in service sectors like healthcare, elderly care, and tourism. The statistical reforms are intended to provide the necessary data to monitor these transitions and ensure high-quality economic governance.