China's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth in the world's second-largest economyChina's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment.
"Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved," Jin added.
On Monday, a raft of weaker-than-expected economic data provided more basis for market watchers to renew calls for policy support to bolster growth.
"We will promptly formulate and introduce policies to restore and expand consumption, and issue policies to stabilize large scale consumption, promote the consumption of automobile and electronic products, expand rural consumption, and optimize the consumption environment" Jin added.
Within hours, Commerce Ministry followed with an announcement of an 11-point plan to boost the domestic consumption of household consumer goods and services.
Persons:
China's, Jin Xiandong, Jin
Organizations:
National Development, Reform, CNBC, Consumer, Commerce
Locations:
Beijing, Shanghai