Economy Mar 13

China to boost domestic consumption

China vows to offset the negative impact of the epidemic on its economy by boosting domestic consumption

by Yang Ying and Xu Jiangshan
China to boost domestic consumption
 Shopping in China. Photo: Baidu.com

(ATF) – The National Development and Reform Commission and 22 other government departments jointly released a statement on Friday to promote stable growth and speed up the formation of a market with strong domestic consumption.

China will continue to push forward its supply-side structural reform, improve the consumption environment, eliminate any obstacles that limit consumption growth, improve governance in the consumer sector and fulfill people’s spending needs, according to the statement. 

The country also launched new measures to expand the scale and improve the quality of its consumer market, aiming to form a strong local spending market.

Other measures include a tax cut for imported luxury goods and a nationwide scheme to launch more duty-free shops, a scheme to promote online shopping and more investments in the logistic system for fresh food markets. 

Top 10 cities by GDP

China recently announced a list of its top 10 cities by GDP for 2019. They include the country’s four municipalities (which have the same rights as provinces) – Beijing, Shanghai, Tianjin and Chongqing.

Others include Shenzhen, Guangzhou, Wuhan, Chengdu, Hangzhou and Suzhou. Among the top 10 cities, seven are on the coast. Beijing and Shanghai continued to be far ahead of other Chinese cities in terms of Gross Domestic Production.