In a bold push to power its economy, China is turning the spotlight on domestic consumption and investment. Chinese Premier Li Qiang recently outlined plans in the government work report for 2025, emphasizing that spurring local demand is key to sustainable growth. 🚀
The government plans to issue ultra-long special treasury bonds worth 300 billion yuan (about $41.5 billion) to back trade-in programs for consumer goods, aiming to blend consumption and investment into a dynamic force for economic recovery.
Although China posted an impressive 5% growth in 2024, economic recovery faces challenges. Recent data, including a 0.7% year-on-year drop in the consumer price index and a 0.2% month-on-month decrease in February, hints at subdued consumption and insufficient domestic demand.
To meet an ambitious 5% GDP growth target by 2025, government departments are set to roll out policies that exceed expectations. This refreshed policy approach is designed to ignite consumer confidence, inviting both local investors and everyday consumers to play a pivotal role in driving growth. 💡
As global economic uncertainties persist, China's renewed focus on its domestic market signals a commitment to building a resilient and self-sustaining economic future.
Reference(s):
cgtn.com
