China aims to expand domestic demand, ensure speedy recovery, promote stable growth

China intends to enhance domestic demand to expedite economic recovery and promote stable growth, according to an interim report on China's 14th five-year plan published by parliament on Wednesday.

Key quotes

“Will prioritize the restoration and expansion of consumption, stabilize bulk consumption, and promote consumption of services.”

“China will also accelerate reforms aimed at expanding the country's middle-income bracket.”

“China will deepen its market-oriented reforms and institutional opening up to boost development.”

“The country will also prevent and resolve risks in key areas.”

"(China) must accelerate breakthroughs in key core technologies, achieve a high level of scientific and technological self-reliance, and avoid technologies and industries being 'locked' in the low-end and middle-end.”

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6852, up 0.08% on the day.