China's Ministry of Industry and Information Technology and five other departments on Wednesday jointly released an action plan for boosting consumption, mapping out key measures to better align the supply and demand of 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.-dollar) consumption sectors and 10 consumption hotspots at 100-billion-yuan formed, according to the plan, which is officially known as the Implementation Plan for Enhancing the Matching of Supply and Demand of Consumer Goods to Further Promote Consumption.
The plan also aims to build a collection of high-quality and globally renowned consumer goods rich in cultural significance.
By 2030, the plan says, the contribution rate of consumption to economic growth will be steadily increased, with the country's high-quality development established featuring a positive interaction between supply and consumption.
Five key tasks are also assigned by the plan. The first is to speed up innovative application of new technologies and new models to expand incremental growth. The second is to expand the supply of specialized and novel products by exploring the existing stocks in an in-depth way. The third is to segment the market to precisely match the supply of products to the needs of different demographic groups.
The fourth is to foster new consumption scenarios and business forms to empower consumption. And the last one is to create a favorable environment for development, according to the plan.
China releases action plan to further boost consumption
