Han Wenxiu: Steadily Enhance Consumption's Contribution to Economic Growth

How can AI and consumption growth become key drivers of high-quality economic development?

On March 22, the 2026 Annual Conference of the China Development Forum was held in Beijing. Han Wenxiu, Deputy Director (Ministerial level) of the Office of the Central Financial and Economic Affairs Commission and Director of the Office of the Central Rural Work Leading Group, delivered a keynote speech at the “Macroeconomic Policy and High-Quality Development” seminar.

Han Wenxiu stated that in the coming period, one of the most important and challenging tasks to promote balanced and coordinated economic development is to steadily increase the contribution of consumption to economic growth and to foster a development model driven more by domestic demand, consumption, and endogenous growth.

Han Wenxiu noted that China’s super-large market advantage has not yet been fully utilized, and there is enormous potential to expand consumption, especially in services. There is significant investment space in areas such as urban renewal, upgrading traditional infrastructure, and building new infrastructure. Plans will be made and implemented to increase residents’ income and significantly raise the consumption rate. We will adhere to closely integrating investment in physical assets and human resources, strengthening human capital development and investment in comprehensive human development, to fully unleash the growth potential of a major economy.

Han Wenxiu said that regardless of international changes, China will always adhere to the basic national policy of opening up, unwaveringly deepen reform, and promote high-level opening-up. China has already fully removed foreign investment restrictions in the manufacturing sector. Based on this, efforts will focus on expanding market access and opening in the service sector, promoting orderly opening in telecommunications, internet, education, culture, healthcare, and other fields, and advancing efficient, convenient, and secure cross-border data flows.

“We do not deliberately pursue trade surpluses. On the contrary, we actively promote balanced trade development,” Han Wenxiu said. For many years, China has also had a large trade deficit in services. As a responsible major country, China proactively opens markets, increases imports of high-quality products, and grants zero-tariff treatment to 100% of tariff lines for all least developed countries with which China has diplomatic relations.

Han Wenxiu stated that in recent years, China’s outward investment has significantly exceeded the scale of foreign direct investment utilized. China will continue to expand outward investment, build the Belt and Road Initiative with high quality, and steadily promote the internationalization of the Renminbi; it will also continue to create a market-oriented, law-based, and international first-class business environment. More foreign enterprises are welcome to invest in China to share development opportunities in advanced manufacturing, modern services, high-tech industries, energy conservation, and environmental protection.