China is set to invigorate its economy by focusing on domestic consumption and demand, according to a recent government work report. Delivered by Premier Li Qiang at the opening of the third session of the 14th National People's Congress in Beijing, the plan outlines a series of strategic measures aimed at stabilizing and driving economic growth.
One of the standout initiatives includes the issuance of 300 billion yuan ($41.3 billion) in ultra-long-term special treasury bonds. This significant investment is intended to upgrade old industrial equipment and household appliances, fostering a higher quality consumer market.
To further stimulate spending, the government is launching targeted measures to enhance household incomes, particularly focusing on middle- and low-income groups. By improving the wage growth mechanism for workers, the strategy aims to increase overall household purchasing power.
Expanding the supply of diversified services is another key component of the plan. The government will relax market access and optimize regulatory frameworks to boost sectors such as healthcare, elderly care, childcare, and home economics. Additionally, reforms to the vacation system are expected to drive spending in culture, tourism, and sports, making these sectors more vibrant and accessible.
In a bid to attract inbound consumption, duty-free shop policies will be improved, and the development of international consumption center cities will be accelerated. Strengthening commercial infrastructure in county-level regions will also play a crucial role in supporting these efforts.
To ensure the effectiveness of these measures, China plans to enhance its consumption statistics system and bolster consumer rights protection, creating a safer and more reliable environment for consumers.
Reference(s):
China sets out plans to boost consumption, expand domestic demand
cgtn.com