Beijing pushes plan to boost consumption
The mainland will establish a long-term mechanism for boosting consumption so that consumers will have stable income and can spend "without worries", President Xi Jinping was quoted as saying by state media on Wednesday. Authorities must resolutely implement a strategic plan for expanding domestic demand, alongside efforts to push supply-side reforms, state media quoted Xi as saying in a study session of the Politburo, a top decision-making body of the Communist Party. "We will establish and improve a long-term mechanism to expand residents' consumption, so that residents can consume with stable incomes, dare to spend without worrying about the future, and have a strong desire to spend in a good consumption environment," Xi said. Since the agenda-setting Central Economic Work Conference in December, top policymakers have repeatedly vowed to focus on bolstering consumption to drive an economic recovery this year. Meanwhile, the mainland will improve its investment mechanism, expand effective investment space, appropriately advance new infrastructure construction, expand investment in high-tech industries and strategic emerging industries, Xi said. The nation will continue to spur private investment, he added. (Reuters)