By Hasan Muhammad

 

Editor's Note: The writer is a freelance columnist on international affairs based in Karachi, Pakistan. The article reflects the author's opinions and not necessarily the views of China Economic Net.

 

China's leadership is charting a deliberate course toward economic resilience and high-quality growth as 2025 approaches, with domestic demand as the keystone of this vision. At the annual Central Economic Work Conference in Beijing, held on December 11-12, policymakers reaffirmed their strategy: stimulating consumption, securing jobs, and addressing structural inefficiencies. The thrust of the policy centers on unlocking consumption potential. By elevating incomes for low- and middle-income households and modernizing consumption patterns, Beijing hopes to spur sustainable growth that prioritizes public welfare. This approach intertwines economic dynamism with social responsibility.

 

Consumption sits at the heart of this strategy, serving as a vital conduit between growth and improving livelihoods. The results are already visible: in the first three quarters of 2024, retail sales of consumer goods surged to 35.36 trillion yuan, marking a 3.3% year-on-year increase. This steady performance reflects the durability of China's vast market and the latent potential it continues to unlock. These gains, however, go beyond raw numbers. 

 

By encouraging policies that empower consumers, particularly those in lower- and middle-income groups, China's economic planners are nurturing an ecosystem that connects public welfare with sustainable development. The coordinated measures aim to broaden the country's consumption base while ensuring stability in key employment sectors, which remain pivotal to national economic health. Amid rising global uncertainties, this strategy has a deeper resonance.

 

China has rolled out policies in March and July aimed at replacing outdated goods with new, more efficient options. Local governments, in turn, have shaped these measures to fit regional needs-expanding subsidy coverage, streamlining applications, and energizing consumer enthusiasm. By fostering innovative consumption scenarios and tapping into emerging markets, Beijing is not just responding to economic demands but also crafting a future where consumer-driven growth fuels a more dynamic, adaptable economy.

 

Attention is also fixed on employment. With a laser focus on young graduates, rural migrants, and underserved groups, the strategy seeks to mitigate growing pressures in the labor market. Such targeted efforts reflect an awareness of the challenges facing an economy navigating both internal reforms and external global uncertainties. 

 

In the first quarter of 2024, more than 10 million new urban jobs were created, bringing the surveyed unemployment rate down to 5.1 percent by September, marking a 0.2 percentage point dip from the previous month. The government's approach combines proactive measures, including cost-saving initiatives for enterprises. For instance, extending a 1 percent phased reduction in unemployment insurance rates saved businesses a substantial 130.9 billion yuan in the first three quarters of the year. Simultaneously, the rollout of a streamlined, “no application required” job stabilization program distributed 20.4 billion yuan in funds, supporting over 2 million enterprises and safeguarding employment for more than 56 million workers. Together, these policies underscore a deliberate and cohesive effort to fortify both economic resilience and public confidence. 

 

By harmonizing consumer-driven initiatives with employment support, China is aiming to foster not only growth but also stability in an increasingly complex global environment. Such dual emphasis signals a determined stride towards securing long-term prosperity for its vast population. Such measures underscore China's intent to align its workforce with the demands of a fast-evolving, technology-driven global economy.