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China vows to boost consumption to power economic recovery

Tan KW
Publish date: Sat, 28 Jan 2023, 10:30 PM
Tan KW
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China’s State Council said the nation needs to accelerate a recovery in consumption, and make it the main driving force of the economy, as the world’s second-largest economy emerges from three years of stringent Covid-19 controls.

To promote a steady recovery, efforts should be focused on stabilising growth, employment and prices to keep the economy running within a reasonable range, state media CCTV reported on Saturday (Jan 28), citing a meeting chaired by Premier Li Keqiang. 

Policies on boosting consumption should be fully implemented, while consumer credit should be reasonably increased, the report said. 

The council, China’s Cabinet, pledged to implement measures to stabilise foreign trade, such as supporting companies to take part in trade fairs and providing export-tax rebates. Imports should be “reasonably” expanded, and the yuan exchange rate should be kept stable at a balanced level, it said. 

The State Council reiterated the government’s commitment to the “two unwaverings”, a phrase used to describe constant support for both private and state-owned companies, and said it will support the sustainable and healthy development of web-based service platforms.   

  - Bloomberg


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