China has announced a new policy package to boost household spending, reports the South China Morning Post. The policies focus on tightening coordination between commerce and financial regulators, expanding access to credit and promoting new forms of consumption.
The move comes as soft retail sales and weak consumer confidence continued to weigh on economic growth last month. Analysts said the support could intensify in the new year, with the focus likely shifting towards service-sector spending rather than big-ticket goods.
The 11-measure policy package includes steps to further expand personal consumer lending and channel more credit towards high-potential areas–including green, health, digital and “AI Plus” consumption–according to a notice released by the Ministry of Commerce, the People’s Bank of China and the National Financial Regulatory Administration.