Policy support set to boost consumption
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 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 the nation's economic and social development, especially after three years of COVID-19 disruptions. Experts said they believe that strong and sustainable development of the Chinese consumer market underscores the country's larger strategic move toward building the dual-circulation development pattern because a healthy and prosperous consumer market is an integral part of China's domestic economic circulation, which actively interacts with the global markets. It reflects that the country's consumer market will usher in a new development paradigm in which consumer demand is constantly upgraded, requiring high-quality products and services to satisfy material and spiritual consumption needs, global accounting firm Deloitte said in its 2023 China Consumer Insight and Market Outlook report. The further expansion of China's consumer market will help promote the country's greater integration with global markets and bring changes in international trade as upgraded demand of Chinese consumers will mean more imports, experts said.
Discover Related
Investment in social welfare to facilitate growth
A new global economic order, if it can be built
A new global economic order, if it can be built
Global ties more critical amid uncertainties
Chinese investment in ASEAN expands to benefit both sides
China’s missed emissions target poses challenge to global climate efforts
High-quality growth offers global boost
High-quality growth offers global boost
China calls on nations to open markets amid looming Trump tariffs
China to further stabilize foreign investment in 2025: commerce ministry
Tracking China's economy and commodity needs is getting harder
Stay vigilant: China’s economic woes could spill over
Stay vigilant: China’s economic woes could spill over
每日一词 | 提振消费专项行动 special initiatives to boost consumption
NBS: Economy on track to sustain recovery momentum
China stocks end flat as consumption measures fail to impress investors
Chinese economy on shaky ground in first two months of 2025, data shows
China's high-tech path to a greener, brighter future
Shanghai seeks to become global hub for 'firsts'