China's State Council Information Office (SCIO) outlined ambitious plans to revitalize consumer demand and drive economic growth during a press conference held on Thursday. The initiative aims to address challenges hindering domestic consumption while reinforcing confidence in the country's economic outlook.
Key proposals include expanding incentives for upgrading household appliances and automobiles, enhancing support for green and tech-driven consumer products, and streamlining logistics networks in rural areas. Vice Minister of Commerce Li Fei emphasized the role of digital innovation in fostering 'high-quality consumption,' pointing to e-commerce as a critical pillar for sustainable growth.
Analysts highlight the potential ripple effects for businesses across Asia, particularly in supply chain sectors and cross-border trade. The plan also introduces measures to attract overseas investment, with specific policies targeting businesses from Hong Kong, Macao, and the Taiwan region.
Addressing concerns about uneven post-pandemic recovery, officials reiterated commitments to improve social safety nets and expand urban employment opportunities, aiming to bolster household purchasing power. Tourism promotions targeting cultural landmarks were also unveiled, aligning with efforts to stimulate regional economies.
