2 weeks, 5 days ago

Raise incomes to boost consumption

SHI YU/CHINA DAILY China's GDP grew by 5 percent in 2024. Stable housing would also encourage migrant workers to purchase more durable consumer goods. To unlock the potential demand for housing among migrant workers, the first step would be to grant them permanent resident status in the cities where they live and work. Fully integrating migrant workers into the urban social insurance system would encourage them to purchase permanent housing and settle in cities. A well-designed child benefit program could help address two major challenges China faces: the insufficient domestic demand and the declining fertility rate.

China Daily
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