China has announced a plan to revitalise domestic consumption as President Xi Jinping’s government battles to reverse weak confidence and deflationary pressures in the world’s second-largest economy.
The government will “vigorously boost consumption” and “expand domestic demand in all directions”, according to Xinhua, China’s state news agency, echoing Xi’s exhortation late last year for policymakers’ to shift towards supporting demand following a sustained push to boost industry.
The plan from the state council, China’s cabinet, will focus on raising incomes, stabilising the real estate and stock markets and improving medical and pension services, though few details of planned fiscal expenditure were immediately available.
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