China maintained stable economic indicators and growth last year and is heading to the development of a robust domestic market by promoting a consumption upgrade, said He Lifeng, Chairman of the National Development and Reform Commission (NDRC), at a press conference on Wednesday.

The NPC holds a press conference on advancing high-quality development. (Photo: People's Daily)

“China is a country with a population of 1.4 billion. It has a huge market for household products. Statistics show that the value-added output of new industries, new types of business and new business models accounted for 15.7 percent of China's GDP last year. There is a huge market in China's traditional industries with the development of science and technology. The pace of upgrading should be further accelerated with the huge potential," NDRC senior official Lian Weiliang said. 

The total consumption in China is large, and accounts for more than $800 billion in the national economy. The consumption structure is being upgraded, with the service sector accounting for nearly 50 percent of the total. The fundamentals of continued expansion of consumption remain unchanged. It is an irresistible trend for consumption transformation and upgrading to drive industrial and investment transform, officials said. “We are optimistic about it in the long run.”

“The foreign capital economy is an important part of China's economy. In 2018, China's utilization of foreign capital hit a new record high, with actual foreign direct investment reaching $135 billion for the whole year, up by 3%. In 2019, China will adhere to the concept of opening-up and promoting development. The basic state policy for opening-up, developing a high-level and open economy, fully implementing management, and creating a better business environment for foreign investment," Ning Jizhe, vice head of the NDRC, said,“We will implement more open management in agriculture, mining, manufacturing and service sectors, and further reduce the negative list of foreign investment access on the basis of last year.”

"After powering through last year's difficult time, I believe Chinese companies will be more adaptable and ever stronger. The Chinese economy will also be more healthy, and maintain stable growth in 2019," He Lifeng said.