In a move set to energize the economy, Chinese Premier Li Qiang announced a series of initiatives aimed at increasing domestic consumption and stabilizing foreign investment for 2025.
The State Council meeting emphasized the importance of uplifting household incomes, promoting fair wage growth, and expanding income channels related to property. These steps are designed to enhance the overall consumption capacity of residents.
Focus areas include the culture, sports, and tourism sectors, as well as the snow-and-ice industry. Additionally, efforts will be made to boost inbound tourism and support consumer goods trade-in programs, tapping into areas with significant growth potential.
Recognizing the pivotal role of foreign enterprises in job creation and industrial advancement, the meeting called for more effective measures to stabilize existing investments and attract new ones. This includes optimizing the opening-up pilot programs in the comprehensive services sector and encouraging equity investments from foreign capital.
To ensure a level playing field, the meeting stressed equal treatment for domestic and foreign enterprises in government procurement and the need to broaden financing channels for foreign businesses. Additionally, there will be initiatives to phase out outdated production capacities while increasing high-end capabilities.
Towards the end of the session, the council approved a draft law on national development planning, which will be submitted to the Standing Committee of the National People's Congress for further deliberation.
Reference(s):
China unveils measures to boost consumer spending, foreign investment
cgtn.com
