China’s top market regulator has announced a bold three-year action plan starting next year to enhance the consumer environment and stimulate domestic spending. The initiative aims to address key challenges faced by consumers and foster trust across various sectors.
Luo Wen, head of the State Administration for Market Regulation, outlined the strategy at a recent work conference. The plan includes upgrading complaint and report processing systems to more effectively tackle consumer concerns.
Key targets for the coming year involve promoting trustworthy practices among brick-and-mortar stores, online retailers, markets, restaurants, and tourist attractions. By building consumer confidence, China hopes to encourage more domestic consumption.
These efforts come as China’s retail sales of consumer goods reached nearly 44.3 trillion yuan (about $6.16 trillion) in the first 11 months of 2024, marking a 3.5% increase from the previous year. Online retail sales saw an even higher growth rate of 7.4%, totaling approximately 14 trillion yuan, according to the National Bureau of Statistics.
The three-year plan reflects China’s commitment to strengthening its economy by bolstering consumer trust and elevating the overall shopping experience for its citizens.
Reference(s):
China to implement 3-year action plan to optimize consumer environment
cgtn.com
