In an ambitious move to invigorate China’s economy, President Xi Jinping on Friday called for a sweeping renewal of large-scale equipment and an acceleration of trade-ins for consumer goods. Speaking at a meeting of the Central Commission for Financial and Economic Affairs, which he heads, Xi emphasized the pivotal role of updating products in driving high-quality development across the nation.
“Updating products is an important measure to promote high-quality development,” Xi stated, underscoring the government’s commitment to technological advancement and economic growth.
Xi, who also serves as general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, outlined a vision where modernizing production and service equipment can stimulate both investment and consumption.
The meeting highlighted the need to bring more high-quality consumer durables to the public while promoting the recycling of waste resources. By encouraging trade-ins of consumer durables and traditional goods such as automobiles and home appliances, the government aims to spur domestic consumption and foster a more sustainable economy.
Addressing the critical issue of logistics costs, Xi pointed out that reducing these expenses is essential to improving overall economic efficiency. He stressed that a stable manufacturing sector is the foundation for lowering logistics costs, with the ultimate goal of serving the real economy and benefiting the populace.
To this end, the meeting called for effective measures to reduce transportation, warehousing, and management costs. Strengthening the shift of freight transportation from highways to railways and waterways was identified as a key strategy, along with optimizing trunk lines and enhancing the modern commercial circulation system.
Innovation in logistics was another focal point, with the meeting urging the development of new modes combining the platform economy, low-altitude economy, and unmanned vehicles. The construction of transportation infrastructure and the advancement of airport and port economies were also emphasized as vital components of this comprehensive economic plan.
Xi’s directives signal a concerted effort by the Chinese government to modernize its industrial base and streamline logistics, aiming to bolster economic resilience amid global challenges. By fostering technological transformation and encouraging consumer participation through trade-ins, China seeks to sustain its growth trajectory and enhance the quality of life for its people.
Reference(s):
Xi stresses promoting equipment renewal, trade-in of consumer goods
cgtn.com
