China releases action plan to further boost consumption

China's Ministry of Industry and Information Technology and five other departments released an action plan on Wednesday, mapping out key measures to better align the supply and demand for consumer goods and further stimulate consumption.

By 2027, the supply structure of consumer goods is expected to be significantly optimized, with three trillion-yuan (about 141.25 billion U.S. dollars) consumption sectors and ten 100-billion-yuan consumption hotspots formed, according to the plan. The plan also outlines that by 2030, the contribution rate of consumption to economic growth will be steadily increased.

A total of 19 key tasks will be implemented, including strengthening the integrated empowerment of artificial intelligence, cultivating new consumption scenarios and business forms, and enhancing fiscal and financial support, the plan outlined.

Efforts will also be made to expand the supply of characteristic and new products, such as promoting the expansion and upgrading of green products, driving the upgrading of rural consumer goods, and developing leisure and sports products.

In addition, China will focus on matching the needs of different groups of people, including enriching the supply of infant and child products, expanding the supply of fashionable and trendy items, and optimizing the supply of elderly-friendly products.

In the next step, the ministry will work with relevant departments to guide local departments and industry associations in implementing the plan, and further unlock the country's consumption potential, the plan noted.