China plans to further boost consumption for economic recovery

China’s top economic planner, the National Development and Reform Commission (NDRC), said on Thursday that it will take solid steps to bolster domestic demand and expand effective investment, as part of efforts to consolidate the improving trend of economic recovery in 2024.

Yuan Da, from the NDRC, said that the country will give more prominence to employment, ensure the employment of key groups, and enlarge the size of the middle-income group.

The NDRC said the country will work to develop new consumption growth points such as smart homes, sports events, domestic products and China-chic goods. Efforts will also go into boosting spending on big-ticket items and improving the consumption environment, it said.

In expanding effective investment, greater support will be given to fields such as core technologies in key fields, new infrastructure, energy conservation and decarbonization, the NDRC official said.

In addition, the state planner said it will take steps to stimulate the vitality of private investment and cut the costs of investment and financing.

Read more:

China vows to boost high-quality development: NDRC

(Cover: People get in line to buy snacks in southwest China’s Chongqing, December 30, 2023. /CFP)

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