China to spur consumption in first five-year blueprint
China is targeting retail sales of about 60 trillion yuan (US$12.74 trillion) by 2030 under a five-year plan to boost consumption and has pledged to increase household income.
The plan, approved by the Council of State and announced on Monday, promises to increase service consumption in areas such as elderly care, child care, health, culture, tourism, sports and education.
It also calls for stronger tourism-related spending, expanding visa-free entry to more countries, and more direct international flights to Europe, the United States and countries participating in the Belt and Road Initiative.
China aims to significantly increase the household consumption rate and strengthen the role of consumption in driving economic growth, as part of the country’s first five-year plan to increase consumption.
Beijing will promote new consumption models such as digital consumption, AI-assisted consumption, green consumption, experiential spending and inbound consumption.
The plan also highlights the need to increase household spending power through stronger employment, higher wages, more property income, improved social security and better public services.
Under the plan, China pledged to remove “unreasonable restrictive measures” in areas such as car purchasing, housing and approval of recreational activities.
The plan stated that fiscal and fiscal policies should place greater emphasis on direct benefits to consumers, living expenses and consumption-related infrastructure.
