China to boost consumption, residents' income

China will actively boost consumption and implement an income growth plan for urban and rural residents, according to a government work report submitted Thursday to the country's top legislature for deliberation.

The country will advance special initiatives to bolster consumption, with the roll-out of a range of practical measures to boost the earnings of low-income groups, increase property income, and refine the remuneration and social security systems in 2026, according to the report.

A total of 250 billion yuan (36.17 billion U.S. dollars) in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs, and a special fiscal-financial coordination fund of 100 billion yuan will be created to facilitate domestic demand expansion.