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China releases plans to spur consumption

China Daily | August 1, 2023


China on Monday unveiled plans to stabilize spending on big-ticket items, spur service-related consumption and expand consumption in rural areas, as part of broader efforts to bolster a sustained recovery in consumption and consolidate the recovery trend.

According to the National Development and Reform Commission, the country's top economic regulator, the plans detail a total of 20 measures, including easing restrictions on car purchases, boost spending on new energy vehicles, supporting inelastic demand as well as demand for upgraded housing, and promoting the consumption of household appliances and electronic products.

More efforts will be made to step up the construction of charging infrastructure for NEVs, promote the purchase of NEVs in rural areas, encourage the replacement of old household appliances with new ones, and bolster the consumption of green and smart home appliances, said the plans.

China will ramp up efforts to expand service-related consumption, such as dinning, culture, tourism, sports and healthcare services. In addition, more push is needed to cultivate new types of consumption by leveraging cutting-edge digital technologies to attract more shoppers, improve consumption-related facilities and create a better environment for the consumption.