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China has rolled out a comprehensive action plan to stimulate domestic consumption, aiming to revitalize its economy and enhance the quality of life for its people.
On Sunday, the government issued an ambitious plan comprising eight major sections designed to bolster consumer spending. The action plan targets both the demand and supply sides of the economy, signaling a holistic approach to economic growth.
On the demand side, the plan focuses on increasing the incomes of urban and rural residents. By launching new supportive measures, the government aims to strengthen people’s purchasing power, making everyday goods and services more accessible.
On the supply side, the emphasis is on enhancing the quality of service consumption and upgrading big-ticket consumption items like automobiles and home appliances. The plan also seeks to improve overall consumption quality, ensuring that the products and services available meet higher standards.
Furthermore, the government vows to optimize the consumption environment. This includes streamlining restrictive measures to provide a more conducive atmosphere for consumers and urging local governments to implement policies that encourage spending.
Qu Qiang, a fellow at the Belt and Road Research Center at Minzu University of China, expressed optimism about the plan’s impact. He expects consumption to pick up in the rest of 2025, suggesting that these measures could play a significant role in boosting economic activity.
For young people in the Global South watching global economic trends, China’s efforts to stimulate consumption could have ripple effects influencing markets worldwide.
