<div id="readability-page-1"><div> Policymakers in Beijing are planning to boost Chinese domestic demand as part of their battle against entrenched deflationary pressures and plunging investment. Senior state planners are formulating a five year plan to lift domestic demand, acknowledging that the world's second-largest economy currently faces an imbalance between &#34;strong supply and weak demand,&#34; according to comments from the National Development and Reform Commission to reporters on Tuesday. In comments that reiterated earlier directives from Beijing, officials at the press briefing also pledged to further curb cutthroat business competition and rein in excess capacity this year. They vowed to better regulate local economies in an effort to build a unified national market, with a focus on improving market access, fair competition and retiring outdated production facilities. To bolster government investment, the state planning agency said it will consider establishing a national-level fund for mergers and acquisitions to promote innovation and entrepreneurship. Tuesday's announcements came just a day after China reported that it hit its 2025 economic growth target of around 5% despite lackluster domestic investment and consumption. Still, China's fixed-asset investment fell 3.8% last year, as a yearslong real-estate slump stretched into another year. Retail sales, a key gauge of consumption, in December saw their slowest growth since 2022. &#34;We believe Beijing has become increasingly concerned about one of the worst domestic demand slowdowns in this century,&#34; said Nomura economists in note. While Beijing has announced some supportive monetary and fiscal policies in recent weeks, economists say these are far from enough to stabilize growth. The current enthusiasm in local stock markets could be discouraging Beijing from more vigorous stimulus, for fear of fueling a stock-market bubble, Nomura economists said. Still, they expect policymakers to rely on fiscal policy to boost demand in the near term and say Beijing could introduce measures including subsidies on new mortgage loans to help the property sector Write to Singapore editors at singaporeeditors@dowjones.com <pre> </pre> (END) Dow Jones Newswires January 20, 2026 00:22 ET (05:22 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

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中国政策制定者正专注于刺激国内需求，以应对通货紧缩和低投资。国家发展和改革委员会计划制定一个五年计划，以解决强供弱需的不平衡。他们旨在规范地方经济，遏制竞争，并考虑设立国家并购基金以促进创新。尽管预计到 2025 年实现 5% 的增长目标，但仍面临挑战，包括固定资产投资下降 3.8% 和零售销售增长缓慢。经济学家建议，财政政策在短期内将是稳定增长的必要措施

Chinese Policymakers Look Focused on Domestic Demand to Lift Economy

- 北京正计划提升国内需求，以应对通货紧缩和投资下降。  
- 国家发展改革委表示经济当前存在 “强供给和弱需求” 的不平衡。  
- 预计将出台措施刺激需求，包括对新抵押贷款的补贴。

中国的政策制定者似乎专注于通过刺激国内需求来推动经济增长