Demand for overseas goods creates potential

China will stage its largest annual political and legislative events - the "two sessions" - starting on March 3. China Daily takes a close look at a series of likely hot topics and catchphrases during the sessions.

Today's catchphrase - Supply-side reform: This profound change to China's economic map was underlined by the central government late last year with a series of policies to improve public service, environmental protection and production quality, and to further open up to the global economic system. China's economy needs a makeover, but instead of working on the demand-side, attention has turned to stimulating business through tax cuts, entrepreneurship and innovation, while phasing out excess capacity resulting from the previous stimulus. Such measures are intended to increase the supply of goods and services, consequently lowering prices and boosting consumption.