Chinese policymakers have rolled out ambitious plans to strengthen domestic consumption through a raft of stimulus measures, targeting both traditional markets and emerging service sectors. A 300 billion yuan ($41.7 billion) ultra-long-term bond initiative, announced in Wednesday’s government work report to the National People’s Congress, anchors efforts to revitalize consumer spending as a core economic driver.
The program includes nationwide incentives for consumer goods trade-ins and expanded financial support for high-value purchases. Li Yunze of the National Financial Regulatory Administration confirmed financial institutions will develop tailored products to “meet diverse consumer needs,” with relaxed credit terms for long-term investments like renewable energy vehicles and smart appliances.
Service sectors such as healthcare, elderly care, and childcare will see reduced market barriers to stimulate growth. “The shift toward service consumption reflects China’s maturing economy and evolving consumer priorities,” noted Zeng Gang of East China Normal University in an interview with Shanghai-based YICAI.
New data reveals service spending rose 7.4% year-on-year in 2024, contributing 44.5% to GDP growth. Authorities are simultaneously fostering digital and green consumption trends, aiming to align economic recovery with sustainable development goals.
