During a press conference on October 8, Zheng Zhajie, the head of the National Development and Reform Commission, spoke about the government’s response to recent economic challenges. He shared that the Central Committee of the Communist Party and the State Council are rolling out a comprehensive set of policies aimed at boosting economic growth. A significant focus lies in addressing issues related to insufficient domestic demand, particularly through enhancing people’s livelihoods and stimulating consumption.
Zheng identified three primary areas of focus for these consumption-driven strategies. First, there will be increased support for vulnerable groups. Just prior to the National Day holiday, direct assistance was provided to individuals facing hardships, including those in critical situations and orphans. Second, the government intends to encourage the replacement of outdated equipment and consumer goods, which will foster sustained growth in the consumption of bulk commodities. Lastly, there is a strong emphasis on expanding consumption in service sectors such as elderly care and childcare. Zheng also discussed initiatives aimed at promoting new consumption models, including digital and green consumption, to better match supply with the demands of mid- to high-end markets.
