China’s chief economic planner today introduced a series of measures to boost spending amid efforts to sustain economic recovery and promote high-quality development.
Source: Promo
China has promised to boost consumption of a wide range of goods and services, including new energy vehicles (NEVs), home appliances, electronics, the hospitality, cultural and tourism sectors, as well as sectors in rural areas. It also pledged to support the rigid demand for housing and improved living, according to a notice released by the National Development and Reform Commission (NDRC).
Local governments should not unveil new measures to restrict car purchases, while regions that already had restrictive car purchase measures should improve these measures to adapt to local conditions, the NDRC said in a notice.
Efforts should be made to build high-quality charging infrastructure, promote the use of NEVs in rural areas, and maintain and enhance favorable tax incentives for the purchase of NEVs, the notification said.
The national economic planner has also advocated for the consumption of home appliances by introducing the exchange and recycling of used home appliances, the notification said.
The announcement states that these measures, approved by the State Council, aim to better implement the strategy of increasing domestic demand, fully implement the basic role of consumption in stimulating economic growth, and maintain high-quality development of the country.