Xi Urges Efforts to Spur Consumption to Propel Economic Rebound

Chinese President Xi Jinping called for enhanced efforts to boost consumption in order to realize a virtuous economic cycle, as the world’s second largest economy gradually recovers from Covid Zero.

(Bloomberg) — Chinese President Xi Jinping called for enhanced efforts to boost consumption in order to realize a virtuous economic cycle, as the world’s second largest economy gradually recovers from Covid Zero. 

The nation should focus on expanding consumer demand supported by income, according to a readout of a meeting Tuesday chaired by Xi. A long-term means for expanding consumption should be established and improved and this will enable people “to consume based on a stable income, dare to consume without worries, and have a good consumption environment with a strong sense of gain and strong willingness to consume,” according to the state media report on TV.

China should also work to improve and expand investment to advance the development of new infrastructure construction and expand investment in high-tech industries and strategic emerging industries, according to the statement. Xi urged accelerating the pace of achieving self-reliance in science and technology and said China should strive to become the world’s major scientific and innovation center as quickly as possible.

Read more: China’s Growth Recovery Still Patchy Despite Better Outlook

Xi also reiterated China’s commitment to reform and opening up, vowing to strengthen efforts aimed at controlling monopolies and unfair competition. China will regulate and guide the healthy development of capital in accordance with the law and create a good environment for various entities to invest and start businesses.

More stories like this are available on bloomberg.com

©2023 Bloomberg L.P.