In expanding domestic demand through consumption growth, China will integrate efforts in boosting consumption with those in delivering benefits to the people, and further promote increase of the earnings of middle- and low-income groups, said Zheng Shanjie, director of the National Development and Reform Commission, at a press conference in Beijing on Tuesday.
Further expanding domestic demand is one of the measures for systematically implementing a package of incremental policies to solidly promote economic growth, structural optimization and sustained momentum of development, according to Zheng.
"We will intensify support for specific groups. Before the National Day holiday, we have issued one-time living allowances to people in difficulty including those facing special difficulties and orphans. We will lift the level of financial aid for students and expand coverage of relevant policies. We will raise the cap of government-subsidized student loans for junior college and university students, and those pursuing master's or doctor's degrees, and promote the lowering of interest rates of such loans," said the official.
Zheng said China will promote continued expansion of consumption on bulk commodities through large-scale upgrading of equipment and the replacement of old consumer goods with new ones.
"We will expand consumption on services including elderly care and childcare, which are paid widespread attention across the society. We will support and regulate social forces in developing elderly care and childcare industries, enhance improvement of the policy system to boost birth rates, upgrade basic public services for childbirth and pediatric medical care. And we will foster new forms of consumption such as digital consumption and green consumption, and make the supply side better adapt to medium- and high-end demands," said Zheng.
China to further expand domestic demand
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
