More efforts called on to energize consumption
A pedestrian walks past the People's Bank of China, the country's central bank, in Beijing on May 22. Economists suggest policy support, voucher issuance to boost spending confidence Though the recent decline in deposit rates is seen as part of the country's efforts to energize consumption, economists have divided thoughts on how far the move will push consumption. More direct and prompt policy support is therefore required to fuel the consumption market and more effectively boost this year's growth, experts said. "Since the employment situation among young people remains severe and the willingness of spending among households remains unstable, the consumption sector may see an uneven recovery this year," he said. "Such an amount of vouchers will generate an additional 1 trillion yuan in consumption, contributing to a 0.62 percentage point increase in GDP growth," Gao said.
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