As China’s leaders hold their annual retreat at the seaside resort of Beidaihe early this month, investors hope one of the country’s most vexing economic problems — how to get households to spend more — will be high on their agenda.
Beijing has announced a swath of incremental measures this year to awaken the country’s reluctant consumers. The latest came on the weekend, when the State Council, or cabinet, issued a 20-step formula of support, covering electronic sports and nursing care to financing for small service businesses and the development of cruise ships.
Experts’ calls are mounting for China to stimulate consumption, especially after economic growth abruptly slowed in the second quarter, with weak household spending weighing on otherwise strong results from the industrial sector.