In a bold move aimed at stabilizing key economic sectors, the Chinese mainland has unveiled a new consumption support plan that turns the spotlight on boosting consumer spending and ensuring market stability.
The plan, introduced on Sunday and detailed by Li Chunlin, deputy director of the National Development and Reform Commission, signals a shift from traditional supply-side measures. This fresh approach emphasizes the demand side by aiming to increase household incomes and ease financial burdens through measures like reasonable wage growth and scientifically adjusted minimum wages.
Among the initiatives, the plan includes efforts to stabilize the stock market, strengthen strategic reserves, and implement market stabilization mechanisms. Notably, it seeks to remove barriers that hinder long-term funds—including those from commercial insurance, the national social security fund, and the basic pension insurance fund—from entering the market.
For the real estate sector, the new measures focus on curbing downturns and restoring stability to better meet housing consumption needs. Analysts suggest that these steps could boost consumer confidence and usher in a more balanced economic recovery.
This multi-faceted strategy resonates globally with digital natives, business enthusiasts, and travelers alike, reflecting the Chinese mainland's commitment to a robust, dynamic, and sustainable economic future.
Reference(s):
China's new policies help stabilize stock and real estate markets
cgtn.com
