The National Development and Reform Commission is making great efforts to improve residents’ income expectations, increase consumption capacity, and enhance consumption willingness in an attempt to stimulate potential consumption. Deputy Secretary-General Yuan Da emphasized the need for large-scale efforts in achieving these goals.
To promote residents’ income increase, the Commission plans to prioritize employment, ensure stable employment for key groups, and actively expand channels for residents to increase their income. Additionally, efforts will be made to expand the size of middle-income groups and strengthen measures to increase farmers’ income.
The Commission also plans to innovate the supply of goods and services by vigorously developing digital consumption, green consumption, and healthy consumption. They also aim to cultivate new consumption growth points such as smart homes, entertainment and tourism, sports events, and domestic “trendy products”. The promotion of bulk consumption of new energy vehicles and electronic products will be a key focus, along with improving technology, energy consumption, and emission standards to promote the replacement of old consumer goods with new ones.
In addition, the Commission will work to improve the quality of consumption of goods and services by promoting the quality grading of products and strengthening the development of standards for service consumption fields such as cultural tourism, sports, and elderly care and housekeeping. Consumer infrastructure such as culture, tourism, and sports will also be upgraded in an effort to improve the consumption environment.
The efforts undertaken by the National Development and Reform Commission aim to create a supportive environment for residents to consume with peace of mind, peace of mind, and comfort. These measures are part of a broader strategy to stimulate potential consumption and drive economic growth.
This news comes at a critical time when the global economy is grappling with the impacts of the ongoing COVID-19 pandemic. The Commission’s focus on stimulating consumption and increasing residents’ income expectations is a welcome development in the quest for economic recovery.
The details of the Commission’s plan to improve residents’ income expectations and enhance consumption willingness were shared by Deputy Secretary-General Yuan Da during a recent press conference. The strategies outlined by the Commission reflect a comprehensive approach aimed at driving economic growth through increased consumption.