UNITED24 - Make a charitable donation in support of Ukraine!

Weapons of Mass Destruction (WMD)

Global Times

China details measures to boost consumption, mitigate virus impact

Global Times

Source:Xinhua Published: 2020/3/13 21:41:57

Chinese authorities on Friday released a guideline aimed at boosting consumption and unleashing the potential of the domestic market to cushion the blow of the ongoing epidemic on economic activities.

The guideline, jointly issued by 23 government departments, including the National Development and Reform Commission, detailed 19 measures to remove institutional barriers for consumption growth and revive pent-up demands due to the novel coronavirus outbreak.

Efforts should be made to optimize domestic market supply, raise the competitive power of domestic products and services and upgrade cultural travel consumption, the guideline said.

It also set out policies to unleash consumption potential in lower-tier cities and rural regions, with an urban-rural integrated network to facilitate flows of agricultural produce to the cities and industrial products to rural areas.

Data from the Ministry of Commerce showed 70 percent of new online shoppers during the "Double 11" shopping spree last year were from less developed areas, making consumers in those regions a target for future consumption growth.

The guideline also called for strengthening market order regulation and keeping channels open to protect consumer rights.

"Government should improve regulatory capabilities and encourage innovation to facilitate the development of new consumption models," noted Wang Qiang, an economics professor at Renmin University of China.

Join the GlobalSecurity.org mailing list