China plans to boost consumer spending over next five years

The Chinese government has announced plans to increase the share of consumer spending in the country’s economy over the next five years.

According to Xinhua, authorities aim to “significantly raise household consumption levels.” To achieve this, the government intends to enhance financial services to support the real economy.

In the longer term, China will focus on key areas including technological innovation, consumer demand, small and micro-enterprises, and foreign trade, while strengthening the coordination of fiscal, monetary, and industrial policies.

At the same time, the authorities plan to introduce “extraordinary measures” to reinforce China’s position in emerging sectors such as semiconductor manufacturing and high-tech equipment.

Traditional industries, including mining and maritime freight, will also be affected by these measures, Xinhua reported.

By Aghakazim Guliyev