China’s top economic state planner vowed Tuesday to “restore and expand” consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment, reports CNBC.
China’s continued economic recovery is still faced with insufficient demand, weak momentum, and weak confidence, Jin Xiandong, an official with the National Development and Reform Commission, said Tuesday at the agency’s monthly press conference in Beijing. “Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved,” Jin added.
The Commerce Ministry followed with an announcement of an 11-point plan to boost the domestic consumption of household consumer goods and services. This included a directive to local governments to step up the renovation of old homes, a pledge to encourage improvements to online commercial platforms, and to develop the concept of “15-minute cities.”