Business / Policy Watch

China moves to expand, upgrade consumption

(Xinhua) Updated: 2014-10-30 09:25

BEIJING - The Chinese government announced measures on Wednesday to boost and upgrade domestic consumption in a bid to raise the quality and efficiency of its economy.

Consumption is an important "engine" for economic growth and represents great potential for China's development, said a statement on the central government's website following an executive meeting of the State Council presided over by Premier Li Keqiang.

"Among the driving forces for growth, consumption demand has the largest scale and the closest bearing on people's livelihood," the statement said.

The country must make full use of all market forces to raise effective supply and promote the expansion and upgrading of domestic consumption, which will in turn push forward growth of new industries and raise the economic growth to a higher level.

"China needs to raise people's incomes to make them capable of consumption," the statement said.

The country will roll out supporting measures and detailed policies for deepening its income distribution reform, raise farmers' incomes through diversified means and ensure that residential incomes grow at the same pace as the country's economy.

It will also improve the social security network to free people from worries during consumption, and also build better consumption environment to make people willing to spend.

The statement pinpointed some major fields for boosting consumption, including information-related products (such as mobile Internet), green and energy-saving products, housing, tourism and leisure, education, as well as elderly care.

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