China on Sunday unveiled a comprehensive plan of special initiatives to boost consumption, aiming to boost domestic demand as the main engine of economic growth. The plan was prepared by the Office of the Central Committee of the Communist Party of China and the State Council Office.
The aim is to boost consumption across sectors, increase purchasing power through income growth and reducing financial burdens, and improve the consumer environment so that people spend more. The eight thematic areas of the plan include, among others, promoting wage growth, improving the quality of services, innovation in the consumption of goods and the development of new technologies.
The plan promotes income growth through stronger employment and a better minimum wage. It also proposes the development of a capital market accessible to small investors and the exploitation of the value of farmer-owned real estate, for example in the form of rents or cooperative shares.
In addition to traditional sectors such as housing and automotive, the plan also targets new areas such as artificial intelligence products, the low-carbon economy and tourism for the elderly. Significant attention is also paid to the development of technologies such as autonomous driving, wearable electronics, 3D printing or brain-computer interfaces.
Specific measures will be taken according to regional specificities - e.g. promoting winter tourism in areas with natural conditions for winter sports or supporting rural areas. The plan also envisages extending visa-free entry for foreign visitors.
Overall, the plan links consumption to broader societal goals such as care for the elderly, support for families with children and work-life balance. Consumption is thus seen not only as an economic objective but as a tool to improve the quality of life of the population.
English 
Czech 
Spanish 
French 
Italian 
Russian 
Chinese 
German