China has vowed to take fresh steps to stimulate consumption as its economy slows under the weight of weakening exports and a property market downturn.
In announcing the plan on Thursday, Chen Deming, commerce minister, also said that China’s trade surplus fell to about $160bn last year, its third straight annual decline – a trend that could pave the way to slower renminbi appreciation.
Mr Chen’s statement following a start-of-year planning meeting was an important indication of how Beijing is shifting gears in response to the latest global economic woes. Rather than launching a massive fiscal stimulus as it did in 2008, it is instead focusing on getting consumers to spend more, trying to unleash domestic demand as a new growth engine.
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