<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in an effort to build a unified national market, with a focus on improving market access, fair competition and retiring outdated production facilities.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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中國政策制定者正專注於刺激國內需求，以應對通貨緊縮和低投資。國家發展和改革委員會計劃制定一個五年計劃，以解決強供弱需的不平衡。他們旨在規範地方經濟，遏制競爭，並考慮設立國家併購基金以促進創新。儘管預計到 2025 年實現 5% 的增長目標，但仍面臨挑戰，包括固定資產投資下降 3.8% 和零售銷售增長緩慢。經濟學家建議，財政政策在短期內將是穩定增長的必要措施

Chinese Policymakers Look Focused on Domestic Demand to Lift Economy

- 北京正計劃提升國內需求，以應對通貨緊縮和投資下降。  
- 國家發展改革委表示經濟當前存在 “強供給和弱需求” 的不平衡。  
- 預計將出台措施刺激需求，包括對新抵押貸款的補貼。

中國的政策制定者似乎專注於通過刺激國內需求來推動經濟增長