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Xi Jinping Pushes Demand-Driven Growth to Reshape China’s Economy. China is doubling down on a new economic strategy, with President Xi Jinping calling for demand-driven growth to transform the country’s services sector. At a national conference in Beijing, Xi emphasized the need to combine stronger consumer demand with reforms and technological innovation. The goal is to upgrade services, build competitive “China service” brands, and move industries higher up the value chain. Premier Li Qiang reinforced this direction, highlighting the need to expand high-quality services and adapt to changing consumer behavior. He also stressed accelerating tech-driven sectors like R&D and design to create more high-value output. This marks a clear shift in Beijing’s strategy — moving away from heavy spending on infrastructure and industrial projects toward boosting consumption and modern services. The challenge? Consumer demand remains weak. Services consumption in China still lags far behind developed economies, sitting at just over 46% per capita compared to around 70% in the U.S. Looking ahead, China’s long-term plan aims to significantly increase household consumption — a move that could redefine how the world’s second-largest economy grows in the next decade.
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