BEIJING, Oct. 20 (Xinhua) -- China's top economic planner said Tuesday it will work with relevant departments to expand domestic demand with greater force and more effective measures.
More efforts will be made to vigorously boost consumption, Zuo Gang, an official with the National Development and Reform Commission (NDRC), said at a news conference.
Authorities will raise the share of public service spending in fiscal expenditure, strengthen inclusive policies that reach consumers directly, and promote the expansion and upgrading of goods consumption, including new energy vehicles and smart products, Zuo said.
The push comes as consumption shows signs of steady improvement. Total retail sales of goods and services rose 2.6 percent year-on-year in the first three quarters of 2026, with retail sales of services growing faster than goods and new forms of consumption continuing to emerge, official data showed. Final consumption expenditure contributed more to overall economic growth in the January-September period.
Zuo said China will invest in both physical assets and human capital to expand effective investment.
Specifically, the NDRC will push for the implementation of the 109 major projects outlined in the 15th Five-Year Plan (2026-2030) and the "six networks" initiative, covering water, power, computing, communications, urban underground pipelines and logistics networks, Zuo said.
Ultra-long special treasury bond funds will be deployed more effectively, and the new policy-based financial instruments will be used at a faster pace, Zuo said, also vowing stronger support for social welfare, technology innovation, industrial upgrading and security resilience.
China's investment is undergoing a profound shift in emphasis from traditional sectors to emerging ones, analysts said, noting that artificial intelligence and new infrastructure will serve as key engines for the next round of effective investment.
Official data showed the country's investment in innovation-driven sectors held up well in the first three quarters of 2026, even as overall fixed-asset investment continued to contract. Investment in intellectual property products rose 9.3 percent year-on-year in the January-September period, while investment in high-tech industries grew 4.9 percent.
Investment will increasingly serve the development of new quality productive forces and the building of a modern industrial system, with the ultimate results felt in expanded employment, rising incomes and improved living standards, said Liu Yuanchun, president of Shanghai University of Finance and Economics. ■
