China’s State Council said the nation needs to accelerate a recovery in consumption and make it the main driving force of the economy, as the world’s second-largest economy emerges from three years of stringent Covid controls.
(Bloomberg) —
China’s State Council said the nation needs to accelerate a recovery in consumption and make it the main driving force of the economy, as the world’s second-largest economy emerges from three years of stringent Covid controls.
To promote a steady recovery, efforts should be focused on stabilizing growth, employment and prices to keep the economy running within a reasonable range, state media CCTV reported Saturday, citing a meeting chaired by Premier Li Keqiang.
Policies on boosting consumption should be fully implemented, while consumer credit should be reasonably increased, the report said.
The council, China’s cabinet, pledged to implement measures to stabilize foreign trade, such as supporting companies to take part in trade fairs and providing export-tax rebates. Imports should be “reasonably” expanded and the yuan exchange rate should be kept stable at a balanced level, it said.
The State Council reiterated the government’s commitment to the “two unwaverings,” a phrase used to describe constant support for both private and state-owned companies, and said it will support the sustainable and healthy development of web-based service platforms.
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