DOMESTIC PRIORITIES
Turning to domestic priorities, Lou said China would continue efforts to expand domestic demand while directing more resources towards improving people’s living standards.
Retail sales of consumer goods surpassed 50 trillion yuan (US$7.2 trillion) for the first time last year, with consumption contributing 52 per cent to economic growth, he said.
“We will continue to expand domestic demand, increase the supply of high-quality consumer goods and services, optimise the policy for exchanging old goods for new ones, and create more diverse consumption scenarios,” Lou said.
Lou said authorities would place renewed focus on growing services consumption, with spending on culture tourism, recreation and travel among areas seeing strong growth.
At the same time, Lou said authorities would also seek to raise incomes and strengthen public services such as childcare, healthcare and elderly care to reduce household concerns about spending.
More resources will be channelled towards raising living standards so that people have “greater capacity, confidence and readiness to spend,” Lou said.
Analysts have said boosting consumption and improving living standards will remain a key focus for policymakers as China seeks to strengthen domestic demand.
China launched a nationwide consumer goods trade-in programme in 2024, offering subsidies for households to replace old appliances, vehicles and electronics with new purchases.
The national legislature will also oversee efforts to build a unified domestic market and review legislation related to social assistance, medical security and childcare services to improve livelihoods, Lou said.
https://www.channelnewsasia.com/east-asia/china-iran-conflict-concern-global-governance-initiative-economy-5965931
