China unveils strategies to enhance consumption, broaden internal demand
China has unveiled plans aimed at enhancing consumption and increasing domestic demand. The strategic initiatives are designed to stimulate economic growth and foster a more resilient economic framework.
TroibNews 
China aims to significantly stimulate consumption and expand domestic demand this year, positioning these efforts as essential for economic growth stabilization, as outlined in a government work report presented to the national legislature on Wednesday.
Chinese Premier Li Qiang delivered the report on behalf of the State Council during the opening session of the third meeting of the 14th National People's Congress in Beijing.
To accomplish these goals, the government plans to implement a range of targeted initiatives. These initiatives will include launching special programs to enhance consumption, unlocking various and tailored consumption opportunities, and fostering the upgrading and improvement of consumer markets. A significant focus will be on boosting household income through diverse channels, with particular attention on middle- and low-income groups, while enhancing wage growth mechanisms for workers.
In a noteworthy step, the government intends to issue 300 billion yuan in ultra-long-term special treasury bonds to aid in the upgrading of outdated industrial equipment and household appliances.
Moreover, the government will broaden the availability of diverse services such as healthcare, elderly care, childcare, and home economics by easing market access, lowering restrictions, and optimizing regulatory frameworks.
To further tap into consumption potential, plans are underway to refine and optimize the vacation system, which would encourage spending in culture, tourism, and sports.
Additional measures include enhancing duty-free shop policies to attract inbound spending, promoting the development of international consumption center cities, and bolstering commercial infrastructure in county-level areas.
The government will also strengthen the comprehensive consumption statistics system and improve consumer rights protection to establish a safer and more reliable environment for consumption.
Aarav Patel contributed to this report for TROIB News
Chinese Premier Li Qiang delivered the report on behalf of the State Council during the opening session of the third meeting of the 14th National People's Congress in Beijing.
To accomplish these goals, the government plans to implement a range of targeted initiatives. These initiatives will include launching special programs to enhance consumption, unlocking various and tailored consumption opportunities, and fostering the upgrading and improvement of consumer markets. A significant focus will be on boosting household income through diverse channels, with particular attention on middle- and low-income groups, while enhancing wage growth mechanisms for workers.
In a noteworthy step, the government intends to issue 300 billion yuan in ultra-long-term special treasury bonds to aid in the upgrading of outdated industrial equipment and household appliances.
Moreover, the government will broaden the availability of diverse services such as healthcare, elderly care, childcare, and home economics by easing market access, lowering restrictions, and optimizing regulatory frameworks.
To further tap into consumption potential, plans are underway to refine and optimize the vacation system, which would encourage spending in culture, tourism, and sports.
Additional measures include enhancing duty-free shop policies to attract inbound spending, promoting the development of international consumption center cities, and bolstering commercial infrastructure in county-level areas.
The government will also strengthen the comprehensive consumption statistics system and improve consumer rights protection to establish a safer and more reliable environment for consumption.
Aarav Patel contributed to this report for TROIB News
