China’s top economic planner to formulate policies integrating consumption expansion with individual income
China‘s top economic planner vowed on Tuesday to formulate new policies and measures in a bid to achieve the goal of common prosperity.
Jin Xiandong, a spokesperson for the National Development and Reform Commission (NDRC), stressed the importance of increasing incomes and reducing the burden on ordinary people, while implementing innovative mechanism to integrate the distribution of income and consumption aimed at supporting the sustained expansion of the consumer economy.
Meanwhile, the NDRC will continuously deepen the integration of online and offline consumption, and promote the construction of new consumption demonstration cities and cultivation of leading enterprises.
Jin also noted that the NDRC will vigorously develop e-commerce and logistics across rural areas, while further promoting the branding, standardization, digitalization and industrial transformation of products and services for population outside of major cities.
According to Jin, the contribution of final consumption expenditure to economic growth will be 65.4 percent in 2021, contributing 5.3 percentage points to GDP growth, noting that domestic consumption will continue to maintain growth as the COVID-19 pandemic is kept under control, with government policies aimed at stimulating consumption producing results.
However, Yuan Da, another spokesperson from the NDRC, noted that the economic development in 2022 still faces many challenges, among which are sporadic outbreaks of the virus across the country affecting domestic consumption.
Source: Global Times