State Coun­cil un­veils plan to fur­ther tap con­sump­tion po­ten­tial

Global Times - - Bizove -

The State Coun­cil, China’s cab­i­net, an­nounced on Thurs­day a pub­lic plan to im­prove the mech­a­nisms for pro­mot­ing house­hold con­sump­tion be­tween 2018 and 2020.

The plan, re­leased by the Gen­eral Of­fice of the State Coun­cil, maps out ways to re­move the most di­rect and prom­i­nent sys­tem- and mech­a­nism-re­lated bar­ri­ers that hin­der con­sump­tion, in or­der to fur­ther stim­u­late con­sump­tion po­ten­tial.

Dove­tail­ing with the new trend of con­sump­tion trans­for­ma­tion and up­grad­ing, the new doc­u­ment fo­cuses on form­ing rea­son­able con­sump­tion ex­pec­ta­tions and en­hanc­ing the fun­da­men­tal role of con­sump­tion in pro­mot­ing eco­nomic growth.

China will nur­ture mar­ket seg­ments in im­por­tant do­mains of con­sump­tion, create a sound con­sump­tion en­vi­ron­ment and con­tin­u­ously raise in­di­vid­u­als’ spend­ing power, the plan showed.

By 2020, the gov­ern­ment will re­lax mar­ket ac­cess in the field of ser­vice con­sump­tion, im­prove the pol­icy mix for pro­mot­ing the up­grad­ing of ma­te­rial con­sump­tion struc­tures, and set more stan­dards for goods and ser­vices in im­por­tant ar­eas, the plan read.

Ef­forts will also be made to create a bet­ter credit sys­tem and op­ti­mize sup­port­ing mea­sures for con­sump­tion pro­mo­tion, in­clud­ing mea­sures on in­di­vid­ual in­come tax and in­come dis­tri­bu­tion re­forms.

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