China’s Xi Jinping puts domestic market at forefront in high-profile meeting

Excessive competition, external uncertainty and other factors make need for ‘unified national market’ even more apparent, president says

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China’s domestic consumption is taking on greater importance as exports become a less reliable source of growth. Photo: AP

Published: 8:00pm, 1 Jul 2025

President Xi Jinping reiterated the need for China to develop a “unified national market” at a high-profile economic meeting on Tuesday, a task which has taken on greater urgency as the country prioritises domestic demand amid a more uncertain external landscape.

Greater efforts are needed to address a variety of issues facing the world’s second-largest economy, the Central Financial and Economic Affairs Commission said in a readout from their sixth meeting, explicitly calling for a crackdown on the cutthroat competition between firms that has lowered prices, a phasing out of obsolete industrial capacity and an improvement to the business environment.

The commission – a body of the ruling Communist Party which supervises economic matters – also stressed the need to “better integrate domestic and foreign trade, facilitate the transition of export-oriented goods to the domestic market, and foster a group of high-performing firms engaged in both,” according to the readout, cited by state news agency Xinhua.

Authorities will also continue targeted enforcement campaigns to standardise how regulations are implemented for businesses.

“Building a unified national market is a requirement for high-quality development, and the country should strengthen coordination and cooperation to form a concerted effort,” Xi was quoted as saying.

Four of the seven members of the party’s powerful Politburo Standing Committee – Xi, Premier Li Qiang, head of the party’s general office Cai Qi and Vice-Premier Ding Xuexiang – attended the meeting.

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China’s Xi Jinping puts domestic market at forefront in high-profile meeting

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Excessive competition, external uncertainty and other factors make need for ‘unified national market’ even more apparent, president says

Excessive competition, external uncertainty and other factors make need for ‘unified national market’ even more apparent, president says