China’s Ministry of Commerce (MOFCOM) has declared that 2023 will be a “Year of Consumption Boosting,” as the Chinese economy continues to grapple with the fall out from a renewed round of Covid-containment measures in 2022 as well as heightened geopolitical tensions.
Xu Xingfeng (徐兴锋), director of MOFCOM’s Department of Market Operation and Consumption Promotion, said at a press conference held on 2 February that in 2023 China will see “wave after wave of consumption booms by means of the linkage of provinces and cities, the interaction of various regions, and the active cooperation of relevant associations.”
With regard to spurring the consumption of large-scale commercial goods, MOFCOM plans to continue to stabilize and expand automobile consumption. Specific measures include stabilizing the consumption of new cars, supporting the purchase of clean energy vehicles, expanding the circulation of second-hand cars, and smoothing the renewal of scrapped cars.
“Based on new circumstances this year, the Ministry of Commerce will focus on key areas such as automobiles and home furniture, and promote the introduction of a number of new policies to maximize the effectiveness of these policies.” Xu Xingfeng said.
“Through policy incentives and implementation of measures, the consumption of automobiles must be maintained. In a sound environment, this can play the role of stimulating and driving overall consumption.”