China will take steps to revive consumption by enhancing people’s income, according to the official Xinhua News Agency on Sunday, referring to astatementFrom the State Council.
Other measures include stabilization of shares and real estate markets, and providing incentives to raise the birth rate in the country, as the government tries to reduce the pressure of the economy.
Beijing will enhance “reasonable growth” in wages and create a sound mechanism to adjust the minimum wage, Chinhua said. It will also be discussed in creating a child care support system, as well as enhancing how to support consumption investment.
Read more:Why are China struggling to escape the shrinkage cycle: Quicktake
Activating consumption has been a challenge to the government since the end of the epidemic. Retail sales were anemia during consumer pricesShe fell into shrinkageIn February for the first time in more than a year.
In the annual parliamentary meetings this month, the country’s leadership has made consumption to enhance its top priority for the first time since President Xi Jinping arrived in power more than a decade ago.
Chinese stocks Gather Within two months on Friday after the State Council, the Chinese Council of Ministers announced that officials from the Ministry of Finance, the Central Bank and other government departments are planning to hold a press conference on Monday on measures to enhance consumption.
The most prominent events in the plan:
- Expanding a variety of products related to the appropriate bonds for individual investors
- Adopting multiple measures to enhance the increase in the farm income
- Raise financial assistance to some students
- An adequate increase in the primary pension for retirees
- Time and full distribution guarantee for unemployment benefits
- Supporting tourist attractions in expanding services and a reasonable extension of working hours
- Support the opening of the customs -exempt stores in cities that are permitted by circumstances
- Increase support for trade programs
- Reducing the interest rate on housing boxes in time
- Measure the restrictions imposed on consumption in an organized manner
- Accelerate the development of new technologies and products such as smart wearable devices and self -power
This story was originally shown on Fortune.com
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