China will further expand consumption by prioritizing the improvement of people's livelihoods in the second half of this year, said an economist while commenting on the meeting held by the Political Bureau of the Communist Party of China (CPC) Central Committee on Wednesday.
The meeting analyzed and studied the current economic situation and made arrangements for economic work in the second half of this year.
A key takeaway from the meeting was the emphasis on stimulating consumption demand while securing and improving people's livelihood.
Liu Yuanchun, president of the Shanghai University of Finance and Economics, offered his insights on how this strategy will be implemented in an interview with the China Media Group.
"Several livelihood policies have already been rolled out in the first half of the year. Building on the plan on special initiatives to increase consumption released in March, further measures are expected in the second half, particularly in education. Beyond pre-school education, we can anticipate subsidies for students in need, educational support, subsidies for vulnerable groups and services for senior citizens and children," he said.
"Improving people's livelihoods to expand consumption is not only about addressing current shortfalls in consumption but also about strengthening the consumption rate at the institutional level. This is an important theme for the 15th Five-Year Plan period (2026-2030)," Liu concluded.
China to boost consumption by prioritizing improvement of people's livelihoods in second half: economist
