Han Wenxiu: Steadily Increase the Contribution of Consumption to Economic Growth

How can consumption enhancement become a key engine for high-quality economic development?

On March 22, the China Development Forum 2026 annual meeting 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 top priorities, and one of the most challenging tasks, in promoting balanced and coordinated economic development is to steadily enhance the contribution of consumption to economic growth, and to foster a more demand-driven, consumption-led, and endogenous growth economic development model.

Han Wenxiu pointed out that China’s immense market advantages have not yet been fully realized, and there is significant potential to expand consumption, especially in services. Areas such as urban renewal, traditional infrastructure renovation and upgrades, and new infrastructure construction all have substantial investment opportunities. A plan to increase the income of urban and rural residents will be formulated and implemented, aiming to significantly boost the resident consumption rate. We will adhere to closely integrating investments in goods with investments in people, enhancing human resource development and comprehensive personal development investments, so that the growth potential of the major economy can be fully unleashed.

Han Wenxiu emphasized that regardless of the changes in the international landscape, China will always adhere to the fundamental national policy of opening up to the outside world, unwaveringly deepen reforms comprehensively, and promote high-level opening up. China has fully lifted restrictions on foreign investment in the manufacturing sector, and on this basis, will focus on the service industry, expand market access and areas of openness, promote the orderly expansion of openness in sectors such as telecommunications, the internet, education, culture, and healthcare, and facilitate the efficient, convenient, and secure cross-border flow of data.

“We do not deliberately pursue a trade surplus. On the contrary, we actively promote balanced trade development,” Han Wenxiu said. For many years, China has also experienced a significant service trade deficit. As a responsible major country, China proactively opens its market, increases imports of high-quality products, and grants zero-tariff treatment on 100% of tariff items to all least developed countries that have established diplomatic relations with China.

Han Wenxiu noted that in recent years, the scale of China’s outward investment has significantly exceeded that of utilizing foreign direct investment, and China will continue to expand its outward investment, jointly build the “Belt and Road” at a high quality, and steadily promote the internationalization of the RMB; we will continue to create a first-class business environment that is market-oriented, governed by the rule of law, and internationalized. We welcome more foreign-funded enterprises to invest in China and share development opportunities in advanced manufacturing, modern services, high-tech, and energy-saving and environmental protection sectors.