China is taking significant steps to invigorate its economy by introducing a series of measures aimed at enhancing consumption across multiple sectors. On Monday, a joint circular from five government agencies, including the National Development and Reform Commission, outlined strategies to create new consumption scenarios in areas such as the automotive industry, catering, tourism, and elder care.
In the automotive sector, local authorities have been encouraged to ease restrictions and increase vehicle purchase quotas. Additionally, there is support for the replacement and renewal of automobiles when conditions permit. This move is expected to stimulate demand and modernize the vehicle fleet.
The circular also emphasizes the promotion of autonomous driving technologies. Efforts will be made to commercialize autonomous vehicles, expanding their use in various contexts like car racing, camping, and vehicle modification. These initiatives aim to diversify automobile-related products and services, making them more appealing to consumers.
Furthermore, China plans to enhance the safety and convenience of used car trading. By improving the used car market, the government hopes to provide consumers with more affordable and reliable vehicle options, thereby boosting overall consumption.
These comprehensive measures reflect China's commitment to fostering economic development through increased domestic consumption, innovation, and the creation of new market opportunities.
Reference(s):
China issues circular to further unlock consumption sector potential
cgtn.com
