Premier Li Qiang on Wednesday said the nation will vigorously boost consumption and investment, with domestic demand becoming "the main engine and anchor of economic growth" as stated in his government work report.

Among the measures outlined is the issuance of 300 billion yuan of ultra-long treasury bonds to support consumer goods trade-in programmes.

Li said Beijing will adopt special measures to boost spending power, increase the supply of quality products and services, and improve the consumption environment.

"We will create a full range of new consumption scenarios to advance the growth of digital, green, smart, and other types of consumption. We will also introduce measures to unleash the consumption potential in culture and sports-related industries," he said.

The premier also said Beijing will expand effective investment and create greater synergy between fiscal and financial policies.

"We will implement new mechanisms for public-private partnership in a well-regulated manner and guide more private investment toward major infrastructure and public well-being projects, thus creating more opportunities for the development of private capital," the report said.

Li added that 735 billion yuan will be earmarked in the central government's budget for investment this year.

According to Xinhua News Agency, observers believe government policies will not only lead to sustained growth this year but also lay the groundwork for the modernisation drive in the long run, as the country embarks on its next Five-Year Plan from 2026.