China pledges to boost re­tail, travel sec­tors

Kuwait Times - - BUSINESS -

BEIJING: China will pro­mote the de­vel­op­ment of the re­tail, health, travel and sports sec­tors in a bid to boost do­mes­tic consumption, the cab­i­net said yes­ter­day. In a state­ment on its web­site, the State Coun­cil said it will en­cour­age fi­nan­cial in­sti­tu­tions to ac­cept a broader range of col­lat­eral for ex­tend­ing loans to “life­style-re­lated busi­nesses”.

Other sec­tors that the gov­ern­ment high­lighted are ser­vice ones re­lated to fam­i­lies and the el­derly, cul­ture, law, ac­com­mo­da­tion and ca­ter­ing as well as ed­u­ca­tion and train­ing.

The State Coun­cil said the gov­ern­ment will also ex­pand con­sumer credit, im­prove the sys­tem of In­ter­net pay­ments and study the man­age­ment of credit card fees “to fur­ther re­duce over­all ex­penses” re­lated to their use. No de­tails were given. The gov­ern­ment will crack down on price­goug­ing as well the sale of coun­ter­feit goods, and pros­e­cute mo­nop­o­lies and busi­nesses en­gaged in un­fair com­pe­ti­tion, ac­cord­ing to the state­ment.

Top lead­ers have flagged a “new nor­mal” of slower growth as it tries to shift the world’s sec­ond-largest econ­omy to sus­tain­able, consumption-led de­vel­op­ment. China’s econ­omy is on track this year to grow at its slow­est pace in more than two decades. Chi­nese growth dipped to 6.9 per­cent in the third quar­ter, the weak­est since the global fi­nan­cial cri­sis, hurt partly by cool­ing in­vest­ment.

Ear­lier this month, the gov­ern­ment said it will in­crease fi­nan­cial, fis­cal and tax pol­icy sup­port to drive consumption. — Reuters

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