State-media says that the Chinese central government is on the verge of launching new policies to drive an increase in domestic consumption.
Economic Information Daily reports that the Ministry of Commerce will soon release a series of policies in rapid succession that form part of a “consumption upgrade action plan” (消费升级行动计划).
The plan will involve “accurately grasping the new features and trends of consumption upgrades and trends,” as well as focus on the five areas of expanding service consumption, developing medium and high-end consumption, expediting green and environmental consumption, driving consumption channel upgrades, and operating an outstanding consumption environment.
The Ministry of Commerce is expected to “focus on innovation, strive to create new circumstances for work to expedite consumption, and continually strengthen the fundamental role played by consumption with respect to economic development.”
The “2017/2018 China Consumer Market Development Report” just released by Chinese think tank CCPIT Academy (中国贸促会研究院) forecasts that consumption in China is on track to post its 15th consecutive year of double digit growth in 2018.
According to the report consumer retail sales will breach the 40 trillion yuan threshold for the first time in 2018, while consumption will further increase its level of contribution to economic growth..
“This year Chinese consumption will achieve even more quality growth, embodied by a continuous upgrade in the consumption structure,” said Zhao Ping (赵萍), chair of the international trade research department of CCPIT Academy to Economic Information Daily.