KURE - China pledges to expand consumption amid weak demand
2023-07-18 06:43:40 ET
In the wake of weaker-than-expected economic data that has alarmed market watchers, China pledged to "restore and expand" consumption to bolster growth, its commerce ministry said on Tuesday.
Jin Xiandong, an official with the National Development and Reform Commission, said insufficient demand, weak momentum, and weak confidence are obstacles to China's ongoing economic recovery.
"Consumer purchasing power and expectations are relatively weak, while consumption infrastructure needs to be improved," he said during a monthly press conference .
The commerce ministry soon after released an 11-point plan to boost domestic consumption of household consumer goods and services.
The plan includes directives on how companies can develop online platforms for household consumer services, how local governments can accelerate renovation of old homes, as well as developing the concept of "15-minute cities."
China has been struggling with faltering economic growth, renewing calls for a bigger stimulus to support the economy. China's GDP for Q2 grew 6.3% , falling short of expectations, while retail sales growth slowed to 3.1% in June despite a low base from last year.
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China pledges to expand consumption amid weak demand