On Wednesday, China’s Ministry of Industry and Information Technology, together with a number of other agencies, published an action plan to stimulate consumption and balance supply and demand for consumer goods, outlining key measures, Xinhua reports.
The plan calls for optimizing the structure of consumer goods supply by 2027. Specifically, three consumer sectors worth 1 trillion yuan ($141.2 billion) and ten consumer areas worth 100 billion yuan will be identified.
According to the plan, the consumer sector’s contribution to China’s economic growth will steadily increase until 2030.
In total, the plan includes 19 key tasks, including the comprehensive implementation of AI solutions, increased budgetary and financial support, and the expansion of new product offerings, such as green products.
In addition, it provides for a clearer focus on meeting the needs of different population groups. This applies to expanding the range of products for infants and children, as well as products that are convenient for the elderly, Xinhua notes.
