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Xi vows to help consumers spend ‘without worries’
BEIJING: China will establish a long-term mechanism for boosting consumption so that consumers will have stable income and can spend “without worries”, President Xi Jinping was quoted as saying by state media yesterday.
China must resolutely implement a strategic plan for expanding domestic demand, alongside efforts to push supply-side reforms, state media quoted Xi as saying in a study session of the Politburo, a top decision-making body of the ruling Communist Party.
“We will establish and improve a long-term mechanism to expand residents’ consumption, so that residents can consume with stable incomes, dare to spend without worrying about the future, and have a strong desire to spend in a good consumption environment.”
Since the agenda-setting Central Economic Work Conference in December, top policymakers have repeatedly vowed to focus on bolstering consumption to drive an economic recovery this year.
The world’s second-largest economy grew 3% last year, far below the official target of around 5.5% and hitting one of its worst rates in nearly half a century.
Growth is expected to rebound to around 5% this year, after Beijing ditched harsh Covid-19 restrictions in December. – Reuters
BEIJING: China will establish a long-term mechanism for boosting consumption so that consumers will have stable income and can spend “without worries”, President Xi Jinping was quoted as saying by state media yesterday.
China must resolutely implement a strategic plan for expanding domestic demand, alongside efforts to push supply-side reforms, state media quoted Xi as saying in a study session of the Politburo, a top decision-making body of the ruling Communist Party.
“We will establish and improve a long-term mechanism to expand residents’ consumption, so that residents can consume with stable incomes, dare to spend without worrying about the future, and have a strong desire to spend in a good consumption environment.”
Since the agenda-setting Central Economic Work Conference in December, top policymakers have repeatedly vowed to focus on bolstering consumption to drive an economic recovery this year.
The world’s second-largest economy grew 3% last year, far below the official target of around 5.5% and hitting one of its worst rates in nearly half a century.
Growth is expected to rebound to around 5% this year, after Beijing ditched harsh Covid-19 restrictions in December. – Reuters
