Chinese Premier Li Qiang chaired a State Council meeting on Monday, announcing measures to boost domestic consumption and approving an action plan to stabilize foreign investment by 2025.
The meeting called for strong support to boost household incomes, promote reasonable wage increases, expand property-related income channels and strengthen consumption capacity. To unlock consumption potential, it emphasized the importance of focusing on consumption sectors with strong spillover effects and large growth potential. It also emphasized the importance of expanding consumption in the culture, sports and tourism sectors, promoting consumption in the snow and ice industry, developing inbound tourism consumption, and providing support for China’s consumer goods exchange program.
The meeting noted that foreign enterprises play an important role in creating jobs, stabilizing exports and industrial upgrading, and called for more practical and effective measures to stabilize existing foreign investment and expand new investment. It called for optimizing a comprehensive service sector opening-up pilot program and expanding industries that encourage foreign investment. While encouraging foreign capital to invest in shares in China, it was stressed that rules and procedures for foreign mergers and acquisitions should be optimized.
