Virtuous circle can be formed via supply and demand synergies

Without demand, supply cannot be sustained, and without supply, demand cannot be met. As an organic entirety, any problem with either aspect of supply and demand will bring problems to the smooth circulation of an economy, not to mention its high-quality development. China must continue to make coordinated efforts to expand domestic demand and optimize supply.

At present, a new round of scientific and technological revolution and industrial transformation led by artificial intelligence, quantum technology and bioscience is developing rapidly, nurturing and spawning new industries, new formats of business, new models and new demands. In this context, China should continue to deepen supply-side structural reform, promote industrial innovation through scientific and technological innovation, increase the impetus for innovation, and build a resilient, advanced and reliable modern industrial system to boost productive forces. It should accelerate efforts to promote self-reliance in high-level science and technology, create a national system for achieving breakthroughs in key and core technologies, facilitate the transformation and upgrading of traditional industries.

It should be noted that at present, China's economy still faces difficulties such as insufficient effective demand, overcapacity in some industries, weak social expectations and many hidden risks, with some problems intertwined and superimposed. The country must intensify efforts to address the choke points in supply and demand, promoting not only reform of the production function on the supply side, but also promoting the continuous expansion and increment of the demand side, so as to build a strong force that props up its new economic paradigm.