China's new consumption policies cover stock, real estate stability for first time

BEIJING - China's latest plan to expand consumer spending, unveiled on Sunday, emphasizes for the first time the need to stabilize the stock and real estate markets, an official said on Monday.

To this end, the plan outlines measures to boost consumer confidence and stabilize expectations, according to Li Chunlin, deputy director of the National Development and Reform Commission.

Previous consumption policies primarily focused on the supply side, emphasizing that supply drives demand creation. However, the latest policies also prioritize the demand side, aiming to boost household incomes and ease financial burdens, Li noted.

He cited measures such as reasonable wage growth and scientifically adjusted minimum wages, both highlighted in the consumption support plan.

To enhance property income, the plan calls for a multifaceted approach, including stabilizing the stock market, strengthening strategic reserves and market stabilization mechanisms, and accelerating the removal of barriers preventing long-term funds -- such as commercial insurance, the national social security fund, and the basic pension insurance fund -- from entering the market.

To better meet housing consumption needs, efforts will focus on curbing the downturn and restoring stability in the real estate market, according to the plan.