China Unveils Comprehensive Plan to Boost Domestic Consumption and Economic Growth
Beijing, The Gulf Observer: China has unveiled a new plan aimed at boosting consumption to become the main engine and anchor of the country’s economic growth. The plan, issued on Sunday by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, focuses on stimulating domestic demand across various sectors while increasing spending power.
The plan’s goals include raising earnings, reducing financial burdens, and generating effective demand through high-quality supply. Additionally, it aims to create an improved consumption environment that encourages consumer willingness to spend and addresses current consumption constraints.
Organized into eight key sections, the plan adopts a holistic approach, targeting income growth, service consumption quality enhancement, upgrading big-ticket consumption, and improving the consumption environment.
One key initiative is promoting reasonable wage growth, with strengthened employment support and improved minimum wage adjustment mechanisms. The plan also includes measures to stabilize the stock market, develop bond products for individual investors, and explore ways to unlock the value of houses legally owned by farmers through rental, equity participation, and cooperative models.
Notably, the plan highlights both traditional consumption sectors, such as housing and automobiles, alongside emerging categories like artificial intelligence-powered products, low-altitude economy, and silver tourism. It also calls for accelerating the development and application of new technologies, including autonomous driving, smart wearables, ultra-high-definition video, brain-computer interfaces, robotics, and 3D printing.
Targeted policies will be implemented in rural areas, regions rich in ice and snow resources, and urban centers, allowing for regional flexibility in execution. Special support will be provided to ice and snow resource-rich regions to promote winter tourism, and efforts will be made to enhance inbound consumption by expanding visa-free arrangements and optimizing regional entry policies.
The plan also aligns consumption growth with broader social goals, including improvements in elderly care, childcare support, and work-life balance. This positions consumption not only as an economic target but also as a means to enhance the overall quality of life in China.
