PRC's plan to boost domestic consumption

The push comes as Beijing aims for GDP growth of "around 5%" in 2025

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As signaled at the conclusion of the “two sessions”—the PRC’s most important annual political meetings, where key economic and policy priorities are set—the government is looking for ways to boost domestic consumption. This push comes as Beijing aims for GDP growth of “around 5%” this year, a target that hinges on stronger consumer spending. However, with sluggish income growth, high household savings, lingering concerns about the property market, and a general lack of confidence in the economy, stimulating consumption remains a challenge.

On Sunday, March 16, Beijing unveiled a 30-point plan outlining how the country can achieve that goal, including measures such as raising urban and rural incomes, increasing childrearing and childcare subsidies, and expanding the winter sports economy. Li Chunlin, deputy director of the National Development and Reform Commission, the country’s top econom…