China will foster new growth drivers and take some other measures to boost consumption in 2025, said a senior official from the National Development and Reform Commission (NDRC) -- China's top economic planner -- on Friday.
Speaking at a press conference in Beijing, Xiao Weiming, deputy secretary-general of the NDRC, said that more efforts will be made to enrich the supply of consumer products and support enterprises of various ownership forms in participating in trade-in programs.
In a significant push to stimulate consumer spending, China has since early last year rolled out an expansive trade-in policy across multiple sectors. Covering a wide range from automobiles and home appliances to real estate, the initiative aims to encourage the replacement of outdated goods with newer and more advanced options. "Efforts will be made to cultivate new growth drivers of consumption. We will continue to increase the number of ice and snow facilities, and enhance public services in this area to stimulate consumption. Focusing on the diverse needs of the elderly, efforts will be made to develop emerging industries and expand services related to elderly care, such as meal assistance program, in-home care, community service, and institutional care," said the senior official.
"Efforts will also be made to help more seniors access new offerings, including smart assistive devices, senior-friendly special trains, and elderly study tours, aiming to enrich their life," he said.
According to Xiao, steps will be taken to improve the consumption environment, including enhancing the trade and cold chain logistics systems to lower logistics costs and fully implementing the paid annual leave system to stimulate holiday consumption.
Moreover, China will continue to advance the development of the credit system to create a trustworthy consumption environment, according to Xiao.
China to cultivate new growth drivers to boost consumption: authorities
