China Announces 19 Consumer Stimulus Guidelines

[Asia Economy Beijing=Special Correspondent Park Sun-mi] The Chinese government has announced 19 consumption stimulation guidelines to revive the economy hit by COVID-19.

On the 13th, China’s state-run Xinhua News Agency reported that 23 ministries, including the National Development and Reform Commission (NDRC), jointly released guidelines to expand consumption, containing 19 countermeasures.

The consumption expansion promotion guidelines are broadly divided into six sectors: ▲market supply ▲consumption quality ▲consumption system ▲consumption ecology ▲consumption capacity ▲consumption environment.

First is strengthening domestic market supply capacity, which includes enhancing the competitiveness of domestic products and services, building independent brands, improving the supply of imported goods, and supplementing duty-free policies.

Second focuses on the qualitative upgrade of cultural and leisure consumption, involving enriching distinctive cultural tourism products, improving the purchasing environment for travelers, and innovatively changing cultural tourism promotion methods.

Third is constructing an urban-rural integrated consumption network, which aims to strengthen interregional connections to create an environment that can boost consumer sentiment, optimize the layout of commercial service networks in cities and rural areas, and reinforce logistics infrastructure construction.

Fourth is building a smart consumption ecology system, accelerating the construction of next-generation information infrastructure, promoting the development of new consumption methods such as online-offline integration, encouraging the use of energy-saving smart products, and developing consumption models that combine the internet with social services.

Fifth is continuously enhancing residents’ consumption capacity by raising the consumption potential of the middle class and implementing policies to maintain stable property income.

Sixth is creating a safe consumption environment by strengthening market order management and supervision, promoting the construction of a credit system in the consumption sector, and establishing smooth channels that can guarantee consumer rights.

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