The National Development and Reform Commission says it is preparing plans to boost recovery through big-ticket consumption.
China is formulating plans to boost consumption recovery and expansion, state planner spokesman Meng Wei has said.
China’s economy grew at a faster-than-expected pace in the first quarter as businesses and consumers emerged from crippling pandemic disruptions, though the headwinds turned from a global slowdown to a bumpy ride ahead.
The National Development and Reform Commission (NDRC) pledged on Wednesday to promote a sustainable recovery in consumption.
“Currently, we are working to prepare documents on the recovery and expansion of consumption, focusing mainly on key areas such as stabilizing big ticket consumption, improving consumption of services and expanding consumption in the countryside,” Meng said.
Meng also mentioned stabilizing car consumption, which was a “big part” of sustaining consumption, by promoting new energy vehicles to rural areas at a press conference.
While official data shows that retail sales rose faster in March than in the previous month, policymakers remain concerned that the lack of demand makes economic growth prospects more uncertain.
“The international environment is still complex and constantly changing, constraints from insufficient domestic demand are evident, and the foundations for economic recovery are not solid,” Fu Linghui, the spokesman for the statistics office, said on Tuesday.