Wednesday, July 19, 2023

"China plans new policies to spur consumption"

 From ChinaDaily via China's ECNS News, July 18:

China will roll out policies to restore and expand consumption in a bid to further revive domestic demand, the country's top economic regulator said on Tuesday.

Jin Xiandong, director of the Office of Policy Studies at the National Development and Reform Commission, said while the consumption market is improving with existing policies taking effect gradually, people's ability and expectation on consumption are still rather weak and the infrastructure and environment for consumption need to be improved.

Jin told a news conference held in Beijing on Tuesday that the NDRC will "promptly formulate and introduce policies to restore and expand consumption".

"With a key focus on fields including stabilizing spending on big-ticket items, spurring consumption of automobiles and electronic products, expanding rural consumption and optimizing the consumption environment, we will roll out a batch of practical and effective policy measures and strive to implement them as soon as possible," he said.

Looking forward, Jin said the commission will continue to do a good job in stabilizing employment and promoting income growth, implement employment policies and measures in a detailed manner and promote employment for key groups such as young people.

More efforts will also be made to cultivate and expand new formats and models of consumption and enrich consumer scenarios. And the NDRC will work with relevant parties to study and formulate policies for creating a better environment for consumption, Jin added....


Also via ECNS, July 20, Beijing's GDP, reported before the national GDP, is a mixed bag but with the headline number up 5.5%.

Coincidentally ECNS is also the symbol for BlackRock's iShares MSCI China small-cap ETF.