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China Adopts Five-Pronged Strategy for Boosting Domestic Consumption

Five measures designed to spur domestic consumption levels in the product, cultural and tourism sectors have been approved at the 31 July State Council Executive Meeting:

i) The use of new technological innovations, including big data analytics, will be encouraged, while the adoption of new business models, including custom-made consumption and smart consumption, will be promoted

ii) The reform of administrative procedures, compliance oversight and service delivery will be prioritised. At the same time, support will be provided for any local government body engaged in the pilot registration scheme related to the provision of one multi-site licence for branded chain operations

iii) The incorporation of community medical care, elderly care and household service facilities into the planned upgrades of worn-out neighbourhoods will be encouraged, with all efforts to create convenience-led consumption clusters eligible for financial support

iv) E-commerce will be introduced into more rural areas

v) The list of retail import goods approved for cross-border e-commerce purposes will be revised and expanded

Source: State Council of China

Content provided by Picture: HKTDC Research
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