Ministry of Finance: Increase residents’ income through multiple channels so that ordinary people can spend money
Guangming.com (Reporter Yang Yanan) Consumption is an important engine of economic growth and the ultimate goal of production and life. On March 1, the State Council Information Office held a press conference on the financial implementation of the 20th National Congress of the Communist Party of China. Vice Minister of Finance Xu Hongcai attended and introduced the relevant situation. Xu Hongcai said that the promotion of economic recovery and sustainable and healthy development mainly depends on consumption, and the recovery of consumption as soon as possible becomes the main driving force of economic growth.
The key to vigorously enhancing consumer confidence and unleashing the potential of consumption is to solve outstanding problems such as dare not to consume, inconvenient consumption, and unwillingness to consume. Consumption potential will further support and promote the recovery and upgrading of the consumer market. “Increase residents’ income through multiple channels, so that ordinary people have money to consume.” Xu Hongcai pointed out that we must do everything possible to expand employment and rely on labor to create income. Increase social security, transfer payment and other adjustments to improve the consumption capacity of low- and middle-income residents, while improving tax and fee preferential policies to stimulate social consumption potential.
Support the increase in the supply of marketable commodities, so that ordinary people are willing to consume. Through the implementation of proactive fiscal policies and the promotion of supply-side structural reforms, we will continuously improve the quality of domestic supply and activate the potential of market demand. Encourage qualified places to support the “trade-in” of home appliances and the sending of green and smart home appliances to the countryside through existing funding channels. New energy vehicles with a purchase date of 2023 will continue to be exempted from vehicle purchase tax. Reduce import tariffs on some high-quality consumer goods, promote and accelerate the establishment of a housing system with multi-subject supply, multi-channel guarantee, and both rental and purchase, support rigid and improved housing demand, and actively promote residents’ consumption.
“Promote the smooth flow of sales channels and logistics, and make it convenient for ordinary people to consume. Support the implementation of county-level commercial construction actions to promote the expansion and quality of county-level consumption. Support the construction of an agricultural product supply chain system and expand the consumer market for agricultural products. Support the construction of a number of national comprehensive freight hubs to promote Logistics cost reduction and efficiency improvement.” Xu Hongcai said.