China’s government has unveiled a comprehensive new initiative aimed at boosting domestic consumption and fueling long-term economic growth. At a recent State Council press conference held on March 17, officials from six major departments—including the National Development and Reform Commission and the Ministry of Finance—outlined the key elements of the plan.
The initiative focuses on stimulating consumer spending by introducing policies that enhance income levels, improve social security, and foster a favorable environment for innovation and entrepreneurship. By empowering consumers and encouraging businesses, the government aims to maintain steady economic development amid global uncertainties.
He Wei, head of consumer research and deputy director at the Research Institute of China Galaxy Securities, shared his insights on the plan in an interview with CGTN reporter Xu Yi. He emphasized the significance of the initiative in strengthening the consumption sector, which is pivotal for China’s economic resilience.
“This plan addresses both the supply and demand sides,” He Wei explained. “By improving income distribution and providing better social services, the government is boosting consumers’ willingness and ability to spend. On the supply side, supporting small and medium-sized enterprises will enhance product diversity and quality, meeting the evolving needs of consumers.”
As China navigates the complexities of the global economy, this new consumption plan represents a strategic move to reinforce domestic markets and sustain growth. The government’s commitment to elevating consumer confidence and economic vitality signals a positive outlook for the nation’s future.
