China steps up efforts to boost domestic demand

A consumer selects milk at a supermarket in Nanjing, capital of east China's Jiangsu Province, June 12, 2024. (Photo by Su Yang/Xinhua)

The National Development and Reform Commission (NDRC), China's top economic planner, said Thursday that it is intensifying efforts to spur investment and consumption in its bid to bolster domestic demand.

Specifically, the NDRC will continue to support government investment in guiding and driving social investment, while also encouraging private businesses to participate in major national projects, said spokesperson Jin Xiandong during a press conference.

The NDRC will offer more high-quality projects to private investors, prudently promote government-private investment cooperation, and accelerate the regular issuance of real estate investment trusts to further stimulate private investment, Jin added.

Concerning the boosting of consumption, Jin said the economic planner will adhere to an "employment-first" policy and explore more approaches to increase incomes, thereby enhancing people's spending power.

The NDRC will also maximize the use of ultra-long special treasury bonds to support consumer goods trade-ins, and promote service consumption in sectors such as culture and tourism, education, healthcare, elderly and child care, and housekeeping, Jin confirmed.

China's consumer market has maintained stable recovery this year, with retail sales of consumer goods rising 2.1 percent year on year in August, according to the National Bureau of Statistics.

Earlier data from the bureau showed that the consumer price index, a main gauge of inflation, was up 0.6 percent year on year last month, quickening from the 0.5-percent increase in July.