China is stepping up efforts to boost domestic consumption as a key driver of economic growth. According to recent announcements by government officials, the country plans to implement measures aimed at expanding and optimizing industries to stimulate consumer spending.
Li Chunlin, vice chairman of the National Development and Reform Commission, highlighted the growing share of service consumption in China’s overall consumption. He noted that new market spaces are emerging, offering opportunities for further economic expansion.
Retail sales, a major indicator of consumption strength, have shown signs of growth. While specific figures remain subject to official reports, the trend indicates a positive trajectory as China recovers from the impacts of the global pandemic.
Li emphasized that previous policies were focused on the supply side, but now the country is shifting its attention to the demand side. Measures include improving income levels to enhance consumers’ purchasing power, thereby stimulating economic activity.
The government’s commitment to boosting consumption reflects its strategy to achieve sustainable economic growth. By fostering a more robust domestic market, China aims to balance its economic development and reduce reliance on external factors.
