The Second Session of the 14th National People’s Congress held a press conference in Beijing, where Minister of Commerce Wang Wentao outlined key strategies for promoting consumption in the coming year.
With a focus on replacing old consumer goods such as cars, home appliances, and home decorations, Wang emphasized the need to address products with long service lives, high energy consumption, and safety hazards. The goal is to stimulate economic growth and promote high-quality development by encouraging consumers to upgrade to new, more efficient products.
In addition to trade-in consumer goods, Wang also highlighted the importance of expanding service consumption in China. Over the past decade, the proportion of residents’ per capita service consumption expenditure has increased significantly, indicating potential for further growth in this sector.
As the government works with relevant departments to promote service consumption, Wang reiterated the importance of market-driven initiatives and policy support to incentivize consumers to embrace new services.
This strategy is part of a broader effort to boost economic growth and enhance the quality of life for Chinese citizens. As the country looks to the future, promoting consumption will play a crucial role in driving sustainable development and prosperity for all.