China unveils special initiatives plan to raise consumption

The plan, issued by the general office of the Communist Party of China Central Committee and the general office of the State Council, aims at vigorously boosting consumption, stimulating domestic demand across the board and raising spending power by increasing earnings and reducing financial burden.

It also aims at generating effective demand through high-quality supply, improving the consumption environment to strengthen consumer willingness to spend and addressing prominent constraints on consumption, according to a state controlled media outlet.

With eight major sections, the plan addresses factors like income growth, service consumption quality enhancement, big-ticket consumption upgrading and consumption environment improvement.

There are targeted policies for rural areas, regions rich in ice and snow resources, and urban centres, allowing local authorities flexibility to implement plans based on regional conditions.

ALCHEMPro News Desk (DS)