"Strong supply, weak demand — China's growth can't last?" During this year's two sessions, "domestic demand" has become a favorite phrase in some Western media narratives about China.

But in this video, we take a hard look at the numbers and reach a different conclusion: domestic demand may actually be the greatest opportunity for the Chinese economy lying ahead.

Household consumption accounts for only about 40 percent of China's GDP, more than 10 percentage points lower than in advanced economies—implying tens of trillions of yuan in potential demand. Services consumption alone could expand into a market worth 100 trillion yuan ($14.6 trillion).

Policies such as the household income growth plan and the special fund to boost demand, outlined in the Government Work Report, aim to unlock this potential. The strengthening of China's stock and foreign exchange markets since last year, along with improving consumer inflation data in February, already signal momentum building.

What some Western media see is a snapshot of "strong supply and weak demand". What is actually unfolding in China is a profound and ongoing transformation—from getting by to striving for a better life.

Li Tingxuan contributed to this story.