In a strategic move to stimulate economic growth, China has unveiled a comprehensive set of measures aimed at boosting consumer spending across various sectors. Announced on Monday, these initiatives are designed to create new consumption scenarios in areas such as automobiles, catering, tourism, and elderly care.
The circular, jointly issued by five government agencies including the National Development and Reform Commission, encourages local authorities to ease restrictions and increase quotas on vehicle purchases. This is expected to facilitate the replacement and renewal of automobiles where conditions permit, potentially invigorating the automotive market.
To foster innovation in transportation, China plans to accelerate the commercial operation of autonomous driving technologies. By enriching the use cases of automobile-related products and services—such as promoting car races, camping, and vehicle modification—the country aims to diversify consumer experiences within the automotive sector.
Additionally, efforts will be intensified to enhance the safety and convenience of used car trading. By streamlining processes and implementing supportive policies, China aims to stimulate the secondary market, providing more options for consumers and contributing to the circular economy.
These measures reflect China’s commitment to unlocking the potential of its consumption sector as a key driver of economic development. By creating new opportunities and removing barriers, the government seeks to encourage consumer spending and foster sustainable growth amid global economic uncertainties.
Reference(s):
China issues circular to further unlock consumption sector potential
cgtn.com
