Raising incomes should be focus in boosting consumption
1 month, 2 weeks ago

Raising incomes should be focus in boosting consumption

China Daily  

By Zhao Jian | China Daily | Updated: 2025-02-10 09:39 Shoppers seen at a supermarket in Zaozhuang, Shandong province. To this end, China's five-year plan entering a new stage offers an opportunity for policymakers to bring changes in making development plans, with a focus shift away from industry and more toward consumption, which will involve a profound transformation in the framework, priorities and development concepts of the policy system. Additionally, for China, speaking in terms of policy framework, the country has been adopting approaches of stimulating investment to boost demand for a long time, and has not accumulated much practical experience in expanding consumer demand, which is also a reason for its relatively weak consumption and less-than-expected policy effect on the sector. The contribution of exports stood high last year, which means that China's economic growth last year was still largely driven by external demand, which could be vulnerable in the context of the current global economic cyclical decline, a potential new round of trade wars and increasingly tense geopolitical conditions globally. In view of developed countries that have established a consumption-oriented economy, the premise of improving consumption power is that the government will "buy out" people's precautionary savings, that is, the social security programs will free people's precautionary savings, and people will no longer worry about the future, and most of the income obtained will be used for current consumption.

Economy China Social Development Investment Social Security Economic Consumption Demand China Daily Policy Focus  demand  incomes  development  social  power  china  investment  economic  economy  consumption  policy  focus  raising  boosting

History of this topic

Income redistribution seen as urgent task
5 days, 16 hours ago

Income redistribution seen as urgent task

China Daily  

China should look beyond short-term stimulus and decisively redistribute incomes to expand consumption, especially by transferring more State-owned wealth to the social welfare system, leading economists and policy researchers said. "Policymakers have begun prioritizing bolstering domestic consumption, but a long-term structural reform framework is essential beyond short-term measures," said Chen Yuyu, director of the Peking University Economic Policy Research Institute …

Increasing consumption to drive quality growth
1 week, 4 days ago

Increasing consumption to drive quality growth

China Daily  

LI MIN/CHINA DAILY The third session of the 14th National People's Congress set China's economic agenda for 2025, with special focus on boosting demand and enhancing investment efficiency. Domestic demand can be divided into two parts: personal consumption and public consumption, with public consumption primarily focusing on public services and infrastructure development. To increase consumer spending, the central and local …

Household spending key to strong growth
1 month, 1 week ago

Household spending key to strong growth

China Daily  

As China navigates a decline in the property market and rising global economic uncertainties, consumption is poised to assume an even more crucial role in driving the country's economic growth this year, analysts said. According to analyses conducted using World Bank data, the average consumption rate among 10 major economies, accounting for 63 percent of global GDP collectively, stood at …

Consumers to play bigger role in spurring growth
2 months ago

Consumers to play bigger role in spurring growth

China Daily  

A consumer checks out Lenovo laptops in Shanghai in May. CHINA DAILY China's consumption, powered by a more proactive fiscal policy and a moderately loose monetary policy, will bring out greater vitality and play a bigger role in spurring overall economic growth this year, said officials and executives. In particular, the country's trade-in initiatives, which have contributed to a more …

Targeted measures to boost consumption
3 months, 1 week 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 …

Steps ready for stable growth of the economy
3 months, 2 weeks ago

Steps ready for stable growth of the economy

China Daily  

Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivers an important speech at the annual Central Economic Work Conference in Beijing, capital of China. In setting priorities for its economic policy for 2025, China is emphasizing the need to maintain stable growth, employment and commodity prices through …

Steps ready for stable growth of the economy
3 months, 2 weeks ago

Steps ready for stable growth of the economy

China Daily  

Xi Jinping, general secretary of the Communist Party of China Central Committee, Chinese president and chairman of the Central Military Commission, delivers an important speech at the annual Central Economic Work Conference in Beijing, capital of China. In setting priorities for its economic policy for 2025, China is emphasizing the need to maintain stable growth, employment and commodity prices through …

Steps ready for stable growth of the economy
3 months, 2 weeks ago

Steps ready for stable growth of the economy

China Daily  

In setting priorities for its economic policy for 2025, China is emphasizing the need to maintain stable growth, employment and commodity prices through steps including higher deficit-to-GDP ratios, the issuance of ultra-long-term special treasury bonds and interest rate cuts. The meeting reaffirmed the need to adopt a moderately loose monetary policy next year, including the rollout of rate cuts and …

Moves seen helping boost consumption
4 months, 3 weeks ago

Moves seen helping boost consumption

China Daily  

Consumer products on display at the ongoing China International Import Expo in Shanghai. ZHANG WEI/CHINA DAILY China's recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on …

Efforts to boost consumption urged
7 months ago

Efforts to boost consumption urged

China Daily  

A growing number of economists are calling on Chinese policymakers to ramp up efforts to revive consumer sentiment and stabilize expectations, in a bid to address the pressing challenges of still-weak domestic demand and to bolster the world's second-largest economy. Among the traditional trio driving China's economic development — exports, investment and consumption — the economists emphasized that boosting consumption …

Experts see economy stabilizing
7 months, 1 week ago

Experts see economy stabilizing

China Daily  

China's economy is likely to gradually stabilize in the third and fourth quarters, as policymakers are poised to step up stimulus measures aimed at stabilizing growth and deepening economic structural reforms, prominent economists said on Monday. Consumption will remain a key growth driver in the remaining months this year, while the country's accelerated push for fostering new quality productive forces …

Experts see economy stabilizing
7 months, 1 week ago

Experts see economy stabilizing

China Daily  

A worker conducts motion tests on AGV handling robots at the integrated AMT workshop of FAW Jiefang Automotive Co, a subsidiary of China FAW Group, in Changchun, Jilin province, on Aug 5, 2024. Consumption will remain a key growth driver in the remaining months this year, while the country's accelerated push for fostering new quality productive forces will inject fresh …

Economists advocate direct support to consumers
7 months, 2 weeks 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
7 months, 2 weeks 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 …

Consumption boost requires society's buy-in
7 months, 3 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
7 months, 3 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
7 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
7 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
7 months, 4 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 to power economy over long run
7 months, 4 weeks ago

Consumption to power economy over long run

China Daily  

Residents drink beer at a beer festival in Jinan, Shandong province on July 6, 2024. Among investment, exports and consumption — the key drivers powering China's economic development — consumer spending is well positioned to be the fastest-moving engine in the long run, a senior expert said, calling for stronger steps to further stimulate consumption. Chen Wenling Sufficient job creation, …

Consumption growth points stimulated and nurtured
9 months ago

Consumption growth points stimulated and nurtured

China Daily  

A booth promotes Huawei's HarmonyOS during an expo in Shanghai. CHEN YUYU/FOR CHINA DAILY A circular, jointly issued by some central departments on Monday, stated that China is moving to foster new consumption scenarios in multiple sectors, including tourism, automobiles and electronics, aiming to boost consumer demand and promote the steady growth of consumption. The circular also detailed measures on …

Consumption growth points stimulated and nurtured
9 months ago

Consumption growth points stimulated and nurtured

China Daily  

A booth promotes Huawei's HarmonyOS during an expo in Shanghai. CHEN YUYU/FOR CHINA DAILY A circular, jointly issued by some central departments on Monday, stated that China is moving to foster new consumption scenarios in multiple sectors, including tourism, automobiles and electronics, aiming to boost consumer demand and promote the steady growth of consumption. The circular also detailed measures on …

Consumption's big role in focus
9 months 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 …

Roaring consumption engine powers China's economy ahead
11 months, 1 week ago

Roaring consumption engine powers China's economy ahead

China Daily  

Customers try smartphones in the Pura 70 series at a Huawei retail store in Shanghai on Thursday. BEIJING - China's consumption played a vital role in bolstering economic growth in the first quarter of the year, underscoring the country's steady transformation toward a domestic consumption-driven economy. China's GDP expanded 5.3 percent year-on-year in the first quarter, with domestic consumption contributing …

Appliance replacement campaign can help stimulate consumption
1 year, 1 month ago

Appliance replacement campaign can help stimulate consumption

China Daily  

An employee oversees a smart robot processing furniture parts at a production facility in Ganzhou, Jiangxi province, in May. At a recent financial conference, the top leader stressed the country should accelerate product upgrading to promote high-quality development, and guide a new round of equipment upgrading and the replacement of old consumer goods with new ones. Backed by aggressive interest …

Consumption key to revving up economy
1 year, 1 month ago

Consumption key to revving up economy

China Daily  

A boy holding a dragon-shaped lantern watches a show at a Spring Festival temple fair in Yancheng county, East China's Shandong province, Feb 12, 2024. Data from the Alipay platform show that during the eight-day holiday, overseas consumption by platform users increased by 140 percent year-on-year, with consumption in Southeast Asian countries surging by 580 percent year-on-year, partly driven by …

China expected to maintain steady growth
1 year, 2 months ago

China expected to maintain steady growth

China Daily  

Employees work on the assembly line of a carmaker in Qingdao, Shandong province. Experts say consumption will remain primary driver of economy in 2024 China's economy is set to maintain robust and steady growth in 2024 as domestic demand further recovers, driven by ramped-up macroeconomic policy support and the deepening of industrial upgrading, senior experts said. Traditional consumption areas such …

China expected to maintain steady growth
1 year, 2 months ago

China expected to maintain steady growth

China Daily  

A view of the Huangpu River in Shanghai. Experts say consumption will remain primary driver of economy in 2024 China's economy is set to maintain robust and steady growth in 2024 as domestic demand further recovers, driven by ramped-up macroeconomic policy support and the deepening of industrial upgrading, senior experts said. Traditional consumption areas such as vehicles and electronics are …

Boosting consumption seen as key to reviving economy
1 year, 6 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 …

Boosting consumption seen as key to reviving economy
1 year, 6 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 …

Consumption and innovation drive China's local GDP growth, economic upgrade
1 year, 7 months ago

Consumption and innovation drive China's local GDP growth, economic upgrade

China Daily  

Tourists buy goods at a night market stall in Xi'an, northwest China's Shaanxi Province, Aug. 10, 2023. NANJING/LHASA -- China's overall economic growth accelerated in the first half of this year as its service sector rebounded, and traditional industries achieved upgrades through innovation. CONSUMPTION-FUELED SERVICE SECTOR Culture and tourism consumption, mainly led by the accommodation and catering sector, contributed considerably …

China Announce New Measures to Boost Consumption Amid Economic Slowdown
1 year, 7 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, 10 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 …

Policy support set to boost consumption
1 year, 10 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, 10 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, 10 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’s economic growth accelerates with consumption boost
1 year, 11 months ago

China’s economic growth accelerates with consumption boost

Associated Press  

BEIJING — China’s economic growth accelerated in the latest quarter as consumer flocked back to shops and restaurants following the abrupt end of anti-virus controls. But authorities cautioned that China will likely face import and export pressures in the coming months amid an uncertain international economic environment, and also warned of inadequate domestic market demand in the world’s No. Earlier …

Consumption upgrade promises growth momentum
2 years, 1 month ago

Consumption upgrade promises growth momentum

China Daily  

Tourists throng Cross Street in Luoyang, Henan province, to experience the charm of the ancient capital that was decked up for the Spring Festival holiday on Jan 26. Holiday in late Jan heralds spending spree, demand surge as green, smart goods rise The hustle and bustle of marketplaces have returned to China, especially during the Spring Festival holiday in late …

Development boost key to unlocking consumption
2 years, 1 month ago

Development boost key to unlocking consumption

China Daily  

Visitors are seen at an ancient town in Xichang, Sichuan province, Jan 27, 2023. Statistics of the central bank indicate that the household deposits in the country increased by 17.84 trillion yuan last year, 7.94 trillion yuan more than that in 2021, hitting a record high. And the fast growth continues to accelerate this year, as it surged by another …

Guideline targets consumption growth
2 years, 10 months ago

Guideline targets consumption growth

China Daily  

SHI YU/CHINA DAILY Measures aim to boost consumer spending amid spate of outbreaks A recently released guideline is expected to unleash China's consumption potential as the nation grapples with the COVID-19 epidemic to foster healthier, more sustainable growth for the overall economy, officials and experts said. Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation …

China to tap into consumption potential
2 years, 11 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 …

New forms of consumption to boost nation's economy
4 years, 2 months ago

New forms of consumption to boost nation's economy

China Daily  

File photo shows a visitor has her blood pressure measured by a smart sphygmomanometer during an "Internet plus healthcare" exhibition of the ongoing fourth China-Arab States Expo in Yinchuan, Northwest China's Ningxia Hui autonomous region. Measures to harness innovation will give steam to driving forces of growth New forms of consumption will inject strong impetus into forming the "dual-circulation" development …

China mulls new measures to promote service consumption
4 years, 4 months ago

China mulls new measures to promote service consumption

China Daily  

China will work on new measures to promote service consumption, further unleashing consumption potential in the service sector, according to the National Development and Reform Commission on Nov 17. Speeding up the high-quality development of new consumption will better support the country's latest development pattern that features the domestic market as the mainstay with domestic and international markets reinforcing each …

China to boost new consumption based on new business forms
4 years, 6 months ago

China to boost new consumption based on new business forms

China Daily  

The General Office of the State Council has issued a guideline on accelerating the development of new consumption based on new forms of business. More should be done to implement the strategy of expanding domestic demand, further expanding the size and improving the quality of new consumption based on new business forms, and promoting the formation of a new development …

Boosting consumption essential
4 years, 10 months ago

Boosting consumption essential

China Daily  

Customers pay with vouchers at a Carrefour supermarket in Wuhan, capital of Hubei province, on April 20. Apart from offering vouchers, cash grants, govts should also stabilize job market Experts have advised the government to take proactive measures to boost consumption and stabilize employment as pent-up demand restrained by the novel coronavirus epidemic may not be sufficient without massive stimulus. …

China to increase consumption, promote effective investment
7 years ago

China to increase consumption, promote effective investment

China Daily  

BEIJING — China will strengthen the fundamental role of consumption in driving economic growth while promoting effective investment in 2018, according to a government work report available to the media March 5 morning ahead of the annual parliamentary session. "We will boost consumption in response to the new changes in consumer demand, focus on making structural adjustments in increasing investment, …

Growth momentum even stronger with reforms
7 years, 8 months ago

Growth momentum even stronger with reforms

China Daily  

Early this year, China watchers expressed concerns that the country's economy might start to weaken in the second quarter. Investment in high-tech industries, for example, increased by 21.5 percent, 12.9 percentage points higher than overall investment growth, while retail sales of consumer goods grew 10.4 percent year-on-year, up from 10 percent in the first quarter. According to the NBS, domestic …

Spending power to back China's growth in 2017
8 years, 2 months ago

Spending power to back China's growth in 2017

China Daily  

BEIJING - Consumer spending will continue to grow at a healthy pace in 2017 as the country moves quickly toward a consumption-driven economy, analysts have said. Market observers estimated the country's consumption will grow at an annual rate of 10 percent in 2016 and 2017, a key driver of overall growth eclipsing investment and exports. Consumption has played an increasingly …

Consumption contributes 84.7% of China's Q1 growth
8 years, 10 months ago

Consumption contributes 84.7% of China's Q1 growth

China Daily  

BEIJING -- Final consumption contributed 84.7 percent of China's economic growth in the first quarter, official data showed on Monday, suggesting government efforts to ease reliance on investments and trade are working. Capital investments' contribution came in at 35.8 percent, while net exports of goods and services dragged growth down by 20.5 percent, according to an article in Monday's People's …

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