China will take steps to revive consumption by increasing the revenue of people, the official news agency Xinhua reported on Sunday, citing astatementfrom the State Council.
Other measures include stabilization of stock market and real estate market and offering incentives to raise birth rate in the country, as the Government is trying to facilitate deflamation pressure that affects the economy.
Beijing will promote “reasonable growth” in wages and establish a sound mechanism for adjusting the minimum wage, Xinhua reported. They will also look at the setting of the subsidy system for childcare, as well as strengthening the way they can support consumption.
Read more:Why China struggles to escape from deflation cycle: Quicktake
The consumption of consumption is a challenge for the Government since the end of the pandemic. Retail sale was anemic while consumer prices werefell into deflationIn February for the first time after more than a year.
At the annual parliamentary meetings this month, the country’s leadership has increased their main priority for the first time since President XI Jinping came to power more than a decade ago.
Chinese stock He gathered the most Two months on Friday after the State Council, the Chinese cabinet, they announced that the Ministry of Finance, Central Bank and other government departments plan to hold a press conference on the measures to increase consumption on Monday.
Other prominent plans:
- Expand the diversity of products associated with bonds suitable for individual investors
- Adopt multiple measures to promote an increase in agricultural farms
- Collect financial assistance to some students
- Increasingly increase the basic pension for pensioners
- Ensure timely and complete distribution of unemployment fees
- Support for tourist attractions in the spread of services and reasonable expansion of working hours
- Support to open a customs -free store in cities where conditions allow
- Increase support programs for trade
- Reduce interest rate on housing funds at the appropriate time
- Restriction of feedback in a neat mode
- Speed up the development of new technologies and products such as Smart Weables and autonomous ride
This story is originally shown on Fortune.com
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