China unveils action plan to boost consumer goods supply, stimulate consumption

China’s Ministry of Industry and Information Technology, alongside five other government departments released a comprehensive action plan aimed at better aligning the supply and demand for consumer goods and further stimulating domestic consumption.

According to the plan, by 2027, the supply structure of consumer goods is expected to be significantly optimized, with the establishment of three trillion-yuan (approximately $141.25 billion) consumption sectors and ten 100-billion-yuan consumption hotspots. Looking ahead to 2030, the contribution of consumption to China’s economic growth is set to steadily increase, Xinhua reports.

The plan outlines 19 key tasks, including strengthening the integrated application of artificial intelligence, cultivating new consumption scenarios and business models, and enhancing fiscal and financial support.

Efforts will also focus on expanding the supply of distinctive and innovative products. Initiatives include promoting the expansion and upgrading of green products, modernizing rural consumer goods, and developing leisure and sports-related offerings.

Moreover, China aims to better match the needs of different demographic groups. The plan emphasizes enriching the supply of infant and child products, expanding fashionable and trendy items, and optimizing elderly-friendly goods.

In the next phase, the ministry will collaborate with relevant departments to guide local authorities and industry associations in implementing the plan, aiming to unlock further domestic consumption potential.

By Vafa Guliyeva