China’s provincial-level governments are aiming for a 2% consumer price index (CPI) target for 2025, according to recent government work reports. This figure is one percentage point lower than the previous year, reflecting a strategic move to stabilize prices amidst economic uncertainties.
Despite challenges in both domestic and international markets, local officials believe that setting a lower CPI target is a more reasonable approach. To invigorate consumer demand, they are implementing economic stimulus measures such as providing subsidies for new car and equipment purchases. Additionally, consumers in major shopping malls can expect to receive coupons to encourage spending.
“We are striving to boost consumption through these initiatives,” an official said. “Our goal is to create a more dynamic economy that benefits everyone.”
Analysts observe that these measures demonstrate the local governments’ commitment to sustaining economic growth while keeping inflation in check. By focusing on consumer demand, they hope to navigate the uncertainties and foster a more resilient economy.
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China's provincial-level governments set 2% CPI target for 2025
cgtn.com
