China's fiscal expenditure will invest more in the people and support domestic consumption during the 15th Five-Year Plan (2026–2030), a finance ministry official said on Friday.
China's Ministry of Finance has strengthened fiscal support for consumption as part of the country's efforts to expand domestic demand and unlock consumption potential, Vice Minister of Finance Liao Min told a press conference held by the State Council Information Office.
So far this year, the ministry has allocated 187.5 billion yuan (about 27.65 billion U.S. dollars) to support consumer goods trade-in programs, helping generate 178 million purchases with a combined sales of approximately 1.32 trillion yuan, Liao said.
The ministry has also introduced coordinated fiscal and financial policies to boost domestic demand, providing targeted support for household consumption and businesses in the consumer sector, the official said.
"We will focus on making good use of government bonds, taxes, fiscal interest subsidies, special funds and other policies in a coordinated manner, and closely combine benefiting people's livelihood with consumption promotion, so as to facilitate the improvement of service consumption quality for the benefit of the people, and the expansion and upgrading of commodity consumption. Therefore, we will cultivate and create new forms, models and scenarios of consumption, and strive to enhance the consumption capacity of residents," Liao said.
China's fiscal expenditure to invest more in people, support domestic consumption: finance ministry
