China unveils new measures to spur residential consumption

2018年09月25日 17:53:37 | 来源:ourjiangsu.com

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  China aims to tap the potential of residential consumption by optimizing its structure, increasing the use of services and other measures, according to a new guideline released on Sept 20.

  The guideline was released jointly by the general offices of the Communist Party of China Central Committee and the State Council.

  The document aims for a smoother cycle in which the upgrading of consumption leads to supply innovation. That, in turn, would improve new growth of consumption to achieve a higher level of balanced supply and demand.

  Meanwhile, an environment with safer products and services should be created. Also, trust should be increased between consumers and producers under strengthened market regulations, the guideline said. 

  Key standards for products and services should be fully established to improve their quality and better satisfy consumers, the document said.

  Consumption is the ultimate end and motivation for production, and improvement of consumption is beneficial for optimizing the ratio between production and consumption, building an economic development model in line with China’s long-term interests and promoting healthy economic development, the document said.

  It also is beneficial to promote production and supply-side structural reform, move economic transformation forward and achieve high-quality development, it said.

  However, producers are finding it difficult to meet the diverse demand of urban and rural residents. Regulatory mechanisms struggle to manage new, fast-growing businesses and models, the guideline said. The system to ensure quality and standards lags behind the need for increasing consumption, it said.

  The guideline aims to increase supplies of high-quality products and services, better protect the legal rights of consumers and give them independence in choices. A more inviting market environment will be cultivated for all enterprises to provide products and services in a fair way.

  Inclusive and cautious regulation should be conducted to boost new consumption. The document urges adherence to green development standards and development of healthy and rational consumption.

  Consumption upgrade is a trending phrase in China. Tariff cuts, more online retail and better services are some of the reasons behind China’s strong consumer spending which is a way to drive global growth.

  In the first half of the year, consumption contributed 78.5 percent to China’s economic growth and online retail sales grew more than 30 percent. Data also showed that China’s consumption has contributed 23.4 percent to global consumption growth each year from 2013 to 2016. Meanwhile, tariff cuts which began July 1 are expected to boost consumption.

  In the first half of the year, retail sales expanded 9.4 percent year on year to reach 18 trillion yuan or about $2.7 trillion, compared with a 9.8-percent growth in the first quarter.

  Retail sales in rural areas increased 10.5 percent year on year in the first half, continuing to outpace the growth in urban regions, where sales rose 9.2 percent, according to the NBS.

  China’s consumption market will continue to expand and upgrade as the economy stabilizes, the Ministry of Commerce said on Aug 15.

  China’s retail sales of consumer goods grew 8.8 percent year-on-year in July, narrowing from the 9-percent rise seen in June, data from the National Bureau of Statistics showed.

  The data pointed to stable growth momentum, with online sales of physical goods registering rapid growth, the MOC said in an online statement.

  In July, growth in sales of petroleum products and consumer goods was faster than the same period last year, while declines in growth of auto sales narrowed compared with June, the statement said.

  As the economy maintains stable growth with improved structure and higher quality, the consumption market will keep its growth momentum in the future, it said.

  (source:ourjiangsu.com)

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