With China’s annual 'Two Sessions' concluded and the draft '15th Five-Year Plan' approved, government-affiliated economist Yao Jingyuan offered an interpretation of the internal and external environment for China's economic development during the 15th Five-Year Plan. He pointed out that China’s foreign trade this year remains 'optimistic,' but the overall economy has 'strong supply and weak demand,' which should be adjusted to 'good supply and strong demand.' Yao Jingyuan also believes that amid oil route blockades and supply disruptions triggered by the Middle East conflict, 'there is no problem with China’s energy security.'
According to a United Daily News report, Yao Jingyuan is a special researcher with the Counselors' Office of the State Council and previously served as chief economist and spokesperson of the National Bureau of Statistics. Since the 12th Five-Year Plan (2011-2015), he has participated multiple times in China’s five-year plan work.
On the 12th, at a press salon organized by the All-China Journalists Association, Yao Jingyuan pointed out that the core of the '15th Five-Year Plan' is to promote high-quality development of China's economy, with the entire text focused on addressing the issue of 'quality.' He gave examples such as building good houses when building, making good products when producing, and providing good service when offering services.
Speaking on China’s foreign trade, he said, 'I am optimistic for this year.' China has a sound industrial and supply chain— the only one of its kind in the world— as well as strong production capacity, foreign trade enterprises, and government support. He said that now the basic focus of economic development should be on expanding domestic demand (investment plus consumption). In the past, there was reliance on investment, such as extensive construction of airports, with local governments seeking size and causing waste, whereas the 15th Five-Year Plan emphasizes expanding consumption, with the key being 'to strive to create consumption scenarios.'
He believes that China now needs to adjust the 'strong supply, weak demand' structure— 'change strong supply to good and excellent supply, don’t just pursue quantity; and change weak demand to strong demand by solving the issue of people daring to invest and consumers daring to spend,' with the latter hinging on raising incomes.
On the issue of whether incidents in Venezuela and Iran will impact China’s energy security and trade settlements, Yao Jingyuan stressed, 'There is no problem with our energy security.' China still relies mainly on coal, coal-to-oil technology has already made breakthroughs, and for years, national reserves have been set up across China, so the situations in Venezuela and Iran 'have an impact, but not a big one.'