China unveils measures to boost consumption amid post-COVID recovery challenges

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China’s State Council on Monday issued measures to restore and expand consumption in the automobile, real estate and services sector, aiming to give full play to the “fundamental role” of consumption in economic development.

The State Council said in a document the government will improve the infrastructure for charging to promote more purchases of new energy vehicles, support housing demand by expanding the supply of affordable rental housing and encourage tourism by asking local governments to cut admission fees at scenic areas or even make them free during low periods.

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Men work at the construction site of an apartment building in Beijing, China, on July 29, 2023.  (REUTERS/Thomas Peter)

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In an interview with state broadcaster CCTV published on Monday, unnamed officials from the National Development and Reform Commission said it will take the summer, Mid-Autumn and National Day holidays as an opportunity to expand holiday consumption.

Last week, policymakers at a Politburo meeting pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand, signalling more stimulus steps.

The world’s second-largest economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad.