China has unveiled new measures aimed at making domestic consumption the primary engine of economic growth. This strategic shift focuses on enhancing consumer confidence and stabilizing income expectations—an approach that policy experts say could transform the economic landscape.
Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, emphasized that stabilizing income expectations is essential for encouraging household spending. According to him, when consumers feel secure about their future earnings, they are more likely to embrace new technologies, innovative products, and a modern retail experience.
The measures also target increasing convenience in consumption by streamlining digital services and modernizing urban retail networks. This move not only benefits local consumers but also offers insights into how economies can adapt to rapid digital change and evolving market trends.
As the Chinese mainland commits to boosting internal demand, this policy direction serves as both a domestic and global signal: sustainable growth is rooted in the confidence and convenience experienced by everyday consumers. Observers note that such a focus on real-world impact could inspire similar initiatives worldwide.
Reference(s):
Expert: China must stabilize income expectations to boost consumption
cgtn.com
