China will take action to relaunch consumption by stimulating people’s income, the official Xinhua news agency reported on Sunday, citing astatementof the Council of State.
Other measures include stabilization of equity and real estate markets and offering incentives to increase the country’s birth rate, while the government is trying to relieve deflationary pressures afflicting the economy.
Beijing will promote the “reasonable growth” of wages and will establish a sound mechanism to adjust the minimum wage, Xinhua reported. He will also plan to set up a system of childcare grants, as well as to strengthen how investment can support consumption.
Find out more:Why is China finding it difficult to escape the deflation cycle: Quicktake
Revigorating consumption has been a challenge for the government since the end of the pandemic. Retail sales have been anemic while consumer pricesfall into deflationIn February for the first time in more than a year.
During annual parliamentary meetings this month, the country’s leaders increased the consumption of their absolute priority for the first time since President Xi Jinping came to power over a decade ago.
Chinese stocks most Friday in two months after the Council of State, the Chinese firm announced that officials of the Ministry of Finance, the Central Bank and other government services planned to hold a press conference on Monday on measures aimed at stimulating consumption.
Other highlights of the plan:
- Expand the variety of products related to obligations adapted to individual investors
- Adopt several measures to promote the increase in agricultural income
- Support financial assistance for some students
- Appropriately increase the basic pension of retirees
- Ensure a complete and complete distribution of unemployment services
- Support tourist attractions in expanding services and reasonable extension of opening hours
- Support the opening of rights in the franchise of rights in the cities where the conditions allow
- Stimulate support for commercial programs
- Reduce the interest rate on loans from the housing provident fund at a appropriate time
- Scale Restrictions of return to consumption in an orderly manner
- Accelerate the development of new technologies and products such as smart clothing and autonomous driving
This story was initially presented on Fortune.com
