CLEAN : BofA Merrill Lynch presents China year head macro outlook

The video discusses the weak external and domestic demand in China and the temptation to use mercantilist approaches like currency depreciation to boost exports. However, policymakers are focusing on long-term structural changes, particularly in high-value service sectors like telecom and finance, which are hindered by heavy regulation. The government aims to liberalize these sectors to enhance productivity and innovation-driven growth, as highlighted in the five-year programs. The importance of government action to promote innovation is emphasized, with details expected by March during the NPC.

What are the expected outcomes from the government's five-year programs?

How does the government plan to promote innovation according to the text?