Tongren, China – March 13, 2025 – Prosecutors explain to consumers how to buy qualified products in a supermarket on Pingxi street in Yuping Dong Autonomous County in Tongren, in the southwest of the Guizhou province of China on March 13, 2025.
CFOTO | Future publishing | Getty images
China has announced one “Special action plan to stimulate consumption“Sunday in order to support domestic consumption in the second world economy.
The general office of the Central Committee, an office directly under the Chinese power party, said that the plan consisted in vigorously increasing consumption, extending domestic demand and “improving consumption capacity by increasing income and reducing charges”, according to a Google translation of the report.
The extended version has also described other stages, such as taking “multiple measures” to stabilize the stock market and develop more bond products suitable for individual investors.
This occurs a week after Chinese Prime Minister Li Qiang has published an annual report on government work which appointed consumption consumption as the highest task for the coming year.
At the time, Chinese decision -makers had increasingly recognized the need to counter deflationary pressure at home.
China is currently faced with a slow consumption landscape, with the most recent consumer price index in February recording its highest decline in more than one year and the price index of producers in contractional territory since October 2022.
The plan announced on Sunday also called for support to promote incoming and domestic tourism, with support provided for ice and snow regions to help them develop in world -recognized winter tourism destinations. The provisions without unilateral visa will be extended and regional entrance policies will be optimized.
China must focus more on domestic demand given the possibility of “new shocks” on demand abroad, told Shen Danyang, head of the government work report and director of the State Council Research Bureau on March 11 in Mandarin, according to a CNBC translation.
Chinese leaders were committed to an annual parliamentary assembly in January 300 billion additional yuan (41.45 billion) of ultra-long-lived special obligations for the support of consumer grants.
