China Unveils Three-Year Plan to Enhance Consumer Environment and Boost Domestic Spending

China’s Top Market Regulator Announces Three-Year Plan to Boost Consumer Environment

China is set to implement a three-year action plan aimed at optimizing its consumer environment starting next year, in a significant move to bolster domestic consumption. The announcement was made on Monday by the State Administration for Market Regulation (SAMR), the country’s top market regulator.

Luo Wen, head of the SAMR, revealed at a work conference that the administration aims to foster a substantial number of trustworthy brick-and-mortar stores, markets, online shops, restaurants, and tourist attractions throughout the next year. This initiative is part of broader efforts to enhance consumer confidence and stimulate economic growth.

In addition to promoting reliable businesses, China will upgrade its complaint and report processing system. The enhanced system is designed to address pain points in the consumer field more effectively, ensuring that consumer rights are protected and issues are resolved promptly.

The focus on improving the consumer environment comes as China reports robust growth in retail sales. In the first eleven months of 2024, the country’s retail sales of consumer goods reached nearly 44.3 trillion yuan (approximately $6.16 trillion), marking a 3.5 percent increase year on year. Online retail sales of consumer goods were particularly strong, totaling around 14 trillion yuan, up 7.4 percent according to data from the National Bureau of Statistics.

The three-year action plan is expected to play a pivotal role in sustaining this growth momentum. By enhancing the consumer environment, China aims to encourage more domestic spending, which is crucial for the country’s economic development amidst global uncertainties.

The initiatives outlined by the SAMR align with China’s broader economic strategies to shift towards a consumption-driven economy. By focusing on improving consumer experiences and trust, the government seeks to unlock the potential of its vast domestic market.

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