China has introduced a complete strategy aimed at enhancing consumer spending within its vast economy,outlining initiatives that focus on upgrading consumer goods in rural regions and promoting sectors such as pets,anime,and modern toys.
This initiative was revealed on Wednesday by the Ministry of Commerce alongside various other governmental bodies, including the central bank and the primary market regulator.
Chinese officials are indicating a critically important pivot towards prioritizing consumption over the next five years due to limited investment opportunities and declining export performance that have exposed economic weaknesses.
In October, authorities announced plans to increase government funding for public welfare significantly while also aiming to boost household consumption’s share of GDP “substantially” over the next five years.
“We will synchronize domestic demand growth with deeper supply-side structural reforms,” stated the proclamation. It further noted that by 2030, “the contribution rate of consumption to economic progress will gradually rise.”
the plan emphasizes enhancing research and development for products aimed at children and seniors,including footwear and apparel. Additionally, it highlights “hobby-based consumption items” such as pets, trendy clothing, and toys.
Investment in Technology-Driven Consumer Goods
The government will also support advancements in domestic service robots, smart home devices, and artificial intelligence products.
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