On March 17, a dynamic shift in economic policy was unveiled as officials from six major departments, including the National Development and Reform Commission and the Ministry of Finance, detailed a new consumption initiative aimed at driving long-term growth. The plan, introduced at a State Council press conference, focuses on boosting domestic spending and reinvigorating market vitality.
CGTN reporter Xu Yi captured insights during an interview with He Wei, the head of consumer affairs and deputy director at the Research Institute of China Galaxy Securities. He Wei explained that by enhancing consumer confidence and promoting targeted spending, the initiative could serve as a catalyst for innovation, job creation, and a broader economic recovery. This proactive approach underscores efforts to restructure economic growth amidst a rapidly changing global landscape.
As the world adapts to evolving market trends, this consumption plan represents a strategic commitment to sustainability and resilience. With data-driven measures and cross-departmental collaboration, the Chinese government is setting the stage for an economic model that not only responds to short-term challenges but also lays the groundwork for enduring, transformative growth.
Reference(s):
CGS: China's new consumption plan enables long-term economic growth
cgtn.com
