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China's plan on boosting consumption sends positive policy signal for emerging sectors: scholar

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      China

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      China's plan on boosting consumption sends positive policy signal for emerging sectors: scholar

      2025-03-17 20:27 Last Updated At:22:57

      China's latest plan to boost consumption serves as a positive policy signal for certain sectors, and the country needs to provide continued support for the sustained growth of people's income and of its private sector, said a scholar from Peking University on Monday.

      China on Sunday made public a plan on special initiatives to boost consumption, as the world's second-largest economy moves to make domestic demand as the main engine and anchor of economic growth.

      The plan, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, aims to vigorously boost consumption, stimulate domestic demand across the board, and increase spending power by increasing earnings and reducing financial burdens.

      Speaking about the details of the plan with the China Global Television Network (CGTN), assistant professor Shi Fanqi from the School of Economics in Peking University said it's a good start, and he believes more specific efforts are needed to boost people's income and stimulate the market so the growth can be sustainable.

      "Well, I think this is a policy that serves good intention. But I view it more as a policy signal saying that more attention should be paid to these sectors rather than specific policies with long-lasting effects. First of all, we should notice that consumption, especially income, cannot be boosted simply by what we call a 'special action plan'. We need continued support to promote the growth and development. The second thing to notice is that, instead a lot of government intervention in a lot of sectors, the important thing is to let the market flourish," he said.

      Shi mentioned providing a stable business environment, and government intervention when the monopolies take power, or when there is very strong inequality.

      The latest plan said China will accelerate the development and application of new technologies and products including autonomous driving, smart wearables, ultra-high-definition video, brain-computer interfaces, robotics and additive manufacturing, more commonly known as 3D printing, to create new high-growth consumption sectors.

      It also connected consumer spending to broader social goals like elderly care improvement, childcare support and work-life balance, embedding consumption growth within China's wider development objectives.

      Talking about emerging industries and people's welfare mentioned in the plan, Shi emphasized the importance of providing a level playing field for private sector innovation and ensuring better social security to allow citizens to focus more on business activities and less on long-term personal concerns.

      "I think there are significant, or very strong growth potentials in these sectors. But again, we need some effective policies to not just promote but to facilitate those sectors. We know at this moment, a lot of issues with the Chinese business environment. There are two fold. The first is that there is the very strong dominance of the state-owned enterprises, but most of the technological innovation actually comes from the private sector. That means there should be more support to provide a level playing field. The second aspect is actually mentioned in the plan is to have a better or healthier population structure. That is to provide subsidies to the healthcare, etc. That basically provides better security, so that people can basically pay more attention to the business activities, rather than focus too much on their long-term development," said the scholar.

      China's plan on boosting consumption sends positive policy signal for emerging sectors: scholar

      China's plan on boosting consumption sends positive policy signal for emerging sectors: scholar

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      Experts condemn Lai Ching-te’s separatist rhetoric, stress cross-Strait unity

      2025-03-18 22:32 Last Updated At:23:07

      Chinese experts in mainland-Taiwan relations on Tuesday strongly criticized Lai Ching-te and the Democratic Progressive Party he leads for intentionally stirring up trouble across the Taiwan Strait and blocking exchanges between people on the two sides of the Strait.

      Their denunciation came at an event held in Beijing marking the launch of the 2024 edition of a handbook on the Taiwan question, which is compiled by Taiwan Work Office of the Communist Party of China (CPC) Central Committee and the Taiwan Affairs Office of the State Council.

      At a press conference on March 13, Lai unveiled 17 strategies to counter so-called "threats" from the Chinese mainland facing the island, which has sparked strong concerns from people in various sectors of Taiwan.

      Experts said Lai's move once again revealed the true nature of his Taiwan separatist attempts and his stance against cross-Strait communication and peace.

      "All he [Lai Ching-te] wants is to stir up societal unrest to consolidate the Democratic Progressive Party's (DPP) rule and political interests. He seeks to incite extreme populism to mislead certain groups, especially the young people," said Zheng Jian, deputy director of the Research Committee of the China Council for the Promotion of Peaceful National Reunification.

      "I believe that Lai's rhetoric is aimed at sowing discord between people on both sides of the Strait, obstructing cross-Strait exchanges, and inciting confrontation across the Strait. He seeks to create a climate of 'green terror' in Taiwan and cause a chilling effect among the Taiwan public. As a matter of fact, Lai's remarks have met the firm refute and opposition of many people in Taiwan. We must recognize that people on both sides of the Strait belong to one family and share the bond of kinship. I believe that our compatriots in Taiwan, inspired by the strong sense of community for the Chinese nation, will work together to promote common development across the Strait and contribute to the great rejuvenation of the Chinese nation," said Yang Yizhou, vice chairman of the All-China Federation of Taiwan Compatriots.

      Experts condemn Lai Ching-te’s separatist rhetoric, stress cross-Strait unity

      Experts condemn Lai Ching-te’s separatist rhetoric, stress cross-Strait unity

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