Speeding up urbanization and expanding domestic demand invite strategic plan to push forward institutional reforms

Whether China can smoothly advance its efforts to build a well-off society in an all-round way within the next decade hinges on whether the country can realize the opportunities produced by releasing its enormous domestic demand, effectively tap the huge potential of accelerating urbanization, and, more crucially, achieve reform breakthroughs in some key fields.

Domestic demand, if fully released, is expected to bolster economic growth of 7 to 8 percent in the coming years. As the focus has shifted from feeding and clothing people to larger and higher-level development, China's consumption demand has continuously expanded and its consumption structure has experienced profound changes.