China is gearing up for a stronger economic future by focusing on two key strategies: boosting domestic demand and stabilizing employment. These twin pillars aim to energize the economy and improve the livelihoods of millions across the country.
Revving Up Domestic Consumption
In a bid to unlock the vast potential of its consumer market, China has been rolling out policies to encourage spending. In the first three quarters of 2023, total retail sales of consumer goods reached an impressive 35.36 trillion yuan, marking a 3.3% growth compared to the previous year.
To keep this momentum going, the government introduced measures to accelerate the replacement of outdated consumer goods with new ones. By providing subsidies and simplifying application procedures, local governments are making it easier and more attractive for consumers to purchase new products. Exciting consumption promotion activities, like the China International Consumer Center City Quality Consumption Month launched in Shanghai, are also boosting enthusiasm among shoppers.
Creating Opportunities Through Employment
Employment stabilization is just as crucial for China’s economic strategy. Over 10 million new urban jobs were created in the first nine months of 2023, bringing the urban unemployment rate down to 5.1% in September. The government has implemented support measures to reduce labor costs for businesses and encourage them to retain and hire more employees.
Special attention is being given to youth employment. Initiatives like the one-time job expansion subsidy are incentivizing companies to hire recent graduates and young workers aged 16 to 24. Additionally, the rise of digital technology and artificial intelligence is opening up new career paths. Programs like the High-Skilled Leading Talent Cultivation Plan aim to develop top talents and create millions of high-skilled jobs over the next few years.
A Unified Effort for a Prosperous Future
By focusing on expanding domestic demand and stabilizing employment, China is working towards a more dynamic and resilient economy. These efforts not only aim to ensure economic stability but also strive for a future that is innovative and equitable for all.
Reference(s):
cgtn.com
