More efforts called on to energize consumption
1 year, 5 months ago

More efforts called on to energize consumption

China Daily  

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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History of this topic

Targeted measures to boost consumption
5 days, 14 hours ago

Targeted measures to boost consumption

China Daily  

Consumers check out festive products in Nanjing, Jiangsu province, on Friday. LIU JIANHUA/FOR CHINA DAILY China will roll out an array of targeted measures to simultaneously boost consumption and deliver tangible benefits to the people after policymakers signaled a shift in prioritizing the expansion of domestic demand amid external uncertainties during a recent tone-setting meeting, officials and analysts said. "Boosting …

Consumption vouchers issued to boost spending in China
2 months, 4 weeks ago

Consumption vouchers issued to boost spending in China

China Daily  

Customers participate in a themed promotional event at Haikou International Duty-Free City. CHENGDU - Local authorities in China have issued consumption vouchers to boost spending ahead of the country's National Day holiday, a major occasion for consumption. On Thursday, the Sichuan provincial department of commerce announced that the province will pour more than 400 million yuan from its fiscal budget …

Additional support to consumers worth at least 1 trillion yuan advisable, says expert
3 months, 3 weeks ago

Additional support to consumers worth at least 1 trillion yuan advisable, says expert

China Daily  

In a recent interview with China Perspectives, Zhang Ming, deputy director of the Institute of Finance & Banking at the Chinese Academy of Social Sciences, said that compared with the past, it is true that the probability of the Chinese central government providing direct support to low and middle-income groups has increased notably. Zhang suggested that the central government issue …

Additional support to consumers worth at least 1 trillion yuan advisable, says expert
3 months, 3 weeks ago

Additional support to consumers worth at least 1 trillion yuan advisable, says expert

China Daily  

In a recent interview with China Perspectives, Zhang Ming, deputy director of the Institute of Finance & Banking at the Chinese Academy of Social Sciences, said that compared with the past, it is true that the probability of the Chinese central government providing direct support to low and middle-income groups has increased notably. Zhang suggested that the central government issue …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of lackluster domestic demand, economists from government-backed think tanks said. Consumption — which contributed …

Economists advocate direct support to consumers
4 months, 1 week ago

Economists advocate direct support to consumers

China Daily  

By ZHOU LANXU and OUYANG SHIJIA | China Daily | Updated: 2024-08-13 09:25 Tourists visit a cultural block in Xiangyang, Hubei province, June 10, 2024. China's central government should consider additional direct support to consumers worth at least 1 trillion yuan — either cash or vouchers — in the rest of the year to effectively address the pressing challenge of …

Consumption boost requires society's buy-in
4 months, 2 weeks ago

Consumption boost requires society's buy-in

China Daily  

People visit the fourth China International Consumer Products Expo in Haikou, capital city of South China's Hainan province, April 18, 2024. China will work to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public on Saturday. The guideline, issued by the State Council, China's …

Consumption boost requires society's buy-in
4 months, 2 weeks ago

Consumption boost requires society's buy-in

China Daily  

People visit the fourth China International Consumer Products Expo in Haikou, capital city of South China's Hainan province, April 18, 2024. China will work to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public on Saturday. The guideline, issued by the State Council, China's …

To revive the economy, China wants consumers to buy better stuff
4 months, 3 weeks ago

To revive the economy, China wants consumers to buy better stuff

Live Mint  

Everywhere you look, the world’s politicians face tough economic choices. A survey by China’s central bank in April showed that over 60% of city-dwellers want to increase the amount in their savings accounts. America’s cash-for-clunkers programme, introduced in 2009 during the global financial crisis, prompted 360,000 extra car purchases in two months, according to Atif Mian of Princeton University and …

China moves to advance high-quality development of service consumption
4 months, 3 weeks ago

China moves to advance high-quality development of service consumption

China Daily  

Skyscrapers border a lush green landscape in Shenzhen's central business district. BEIJING -- China will work to further develop consumer services to support high-quality economic development and meet people's demand for personalized, diversified and quality services, according to a guideline made public Saturday. The guideline, issued by the State Council, set out 20 key tasks, including tapping the potential of …

Improve consumption for high-quality growth
4 months, 3 weeks ago

Improve consumption for high-quality growth

China Daily  

Shoppers pick fruit at a supermarket in Beijing, May 12, 2024. The central authorities have recently called on boosting consumption, namely enhancing the purchasing power and willingness of middle-and low-income groups. This cannot be separated from increased income, as income growth directly enhances residents' purchasing power and stable income growth increases people's willingness to consume. Further, since low-income groups in …

Consumption's big role in focus
5 months, 4 weeks ago

Consumption's big role in focus

China Daily  

Zhu Min, former deputy managing director of the International Monetary Fund, at the Reinvigorating Consumption forum on Tuesday. ZOU HONG/CHINA DAILY Despite the pressure of lackluster domestic demand, China still has the capability and conditions to further tap consumption potential to sustain high-quality growth, experts and entrepreneurs said at the 15th Annual Meeting of the New Champions, also known as …

Boosting consumption seen as key to reviving economy
1 year, 3 months ago

Boosting consumption seen as key to reviving economy

China Daily  

Visitors check out new energy vehicles during an event in Zibo, Shandong province, in August. Despite the continued recovery trend, consumption lacks momentum amid slowing personal income growth, the upgrade of the consumption structure and adjustments in specific sectors, said Hong Yong, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation's e-commerce research institute. Policymakers …

Boosting consumption seen as key to reviving economy
1 year, 3 months ago

Boosting consumption seen as key to reviving economy

China Daily  

Consumers browse Huawei phones at an outlet in Yantai, Shandong province, in August. Experts call for more efforts to facilitate recovery in purchasing enthusiasm Reviving consumer demand and bolstering consumer confidence will be key priorities for China's economy for the rest of the year, as the country seeks to drive a consumption-led recovery amid downward pressures, economists said. A recovery …

Shandong promotes recovery, expansion of consumption
1 year, 4 months ago

Shandong promotes recovery, expansion of consumption

China Daily  

East China's Shandong province recently launched 40 measures to promote its economic recovery and to further stimulate the growth in consumer spending. What's more, the province is expected to continue to support the purchase of new-energy vehicles, as well as encourage local municipal governments to promote spending on new-energy vehicles in rural areas and further promote the rollout of charging …

China Announce New Measures to Boost Consumption Amid Economic Slowdown
1 year, 4 months ago

China Announce New Measures to Boost Consumption Amid Economic Slowdown

News 18  

Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country’s post-Covid recovery is running out of steam and growth is slowing. Official figures released Monday showed factory activity contracting for the fourth straight month in July, adding to a run of dismal economic data that has ramped up calls for government support …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

People choose products in a duty-free shop in Haikou, South China's Hainan province on Jan 26, 2023. The policy push, including the removal of administrative restrictions in the housing and automobile markets, is among China's priorities in order to revive the vibrancy of its consumer market because the central leadership has identified insufficient domestic demand as an acute challenge facing …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

People choose products in a duty-free shop in Haikou, South China's Hainan province on Jan 26, 2023. The policy push, including the removal of administrative restrictions in the housing and automobile markets, is among China's priorities in order to revive the vibrancy of its consumer market because the central leadership has identified insufficient domestic demand as an acute challenge facing …

Policy support set to boost consumption
1 year, 7 months ago

Policy support set to boost consumption

China Daily  

Nation will deepen reforms to increase incomes, bridge urban-rural wealth gap China will step up its policy support to increase consumer spending and unleash the country's purchasing potential, a key force that propels the nation's economic recovery and underpins its endeavors toward modernization and prosperity, experts said. The policy push, including the removal of administrative restrictions in the housing and …

China to tap into consumption potential
2 years, 7 months ago

China to tap into consumption potential

China Daily  

The State Council released a circular on April 25 aimed at facilitating the recovery of consumption. To that end, a batch of multifunctional suburban warehouse bases will be scientifically established in all big and medium-sized cities to ensure dispatch of daily supplies and unobstructed circulation of consumer goods. The circular also called for efforts to stabilize consumption fundamentals, with particular …

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