China to boost domestic consumption for economic growth by introducing targeted policies to increase consumer spending.
China plans to actively boost domestic consumption and expand internal demand in 2025, recognizing it as a crucial driver and stabilizer of economic growth. This strategy was outlined in a government work report submitted to the national legislature on Wednesday for deliberation.
Premier Li Qiang presented 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 achieve these goals, the government will introduce targeted policies aimed at stimulating consumer spending. These initiatives include launching special programs to encourage consumption, tapping into diverse consumer preferences, and enhancing the quality of consumer markets. Efforts will also be directed toward increasing household income, particularly for middle- and lower-income groups, while refining the wage growth mechanism for workers.
A key measure includes the issuance of 300 billion yuan ($41.3 billion) in ultra-long-term special treasury bonds to support the modernization of outdated industrial equipment and household appliances.
Additionally, the government will expand the availability of essential services such as healthcare, elderly care, childcare, and home services by easing market entry restrictions, reducing regulatory barriers, and refining oversight policies.
To further stimulate spending, authorities plan to improve the vacation system, encouraging greater expenditure in sectors like culture, tourism, and sports.
Other initiatives include enhancing duty-free shopping policies to attract spending from inbound travelers, promoting the development of international consumption hub cities, and improving commercial infrastructure in county-level areas.
Lastly, the government aims to refine its consumption data tracking system and strengthen consumer rights protections to ensure a more secure and trustworthy marketplace.
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