China maps out plan to raise incomes and boost consumption
China will take steps to revive consumption by promoting people’s income, Sunday reports that citing aannouncementFrom the State Council.
Other events include stabilization of shares and real estate markets and to offer incentives to increase the country’s birth rate, as the government is trying to relieve the deflationary pressure.
Beijing will contribute to the “reasonable growth” of salary and creates a voice mechanism to regulate the minimum wage, XINHU reports. It will also affect the creation of a Child Care Subsidy System, as well as strengthening how the investment can support consumption.
Read more:Why does China fight to avoid a deflation cycle? QuickTake:
Funny consumption has challenged the government since the end of the epidemic. Retail sale has been anemic while consumer pricesfell into deflationin February for the first time over a year.
During the annual parliamentary meetings of this month, the country’s leadership first strengthened their priority for the first time when President C Jin Incing came to power over a decade ago.
Chinese Shares: Most assembled On Friday, on Friday, by the State Council, China’s Cabinet, said the Ministry of Finance, the Central Bank and other government agencies plan to hold a press conference on Monday to promote consumption.
Other important events of the program.
- Increase the variety of bond goods suitable for individual investors
- Accept many means to promote agricultural income growth
- Raise Financial Aid for Some Students
- Properly increase the main pension of retirees
- Ensure a timely and full distribution of unemployment benefit
- Support tourist attractions to expand services and reasonable extension of working hours
- Support rounds of free stores opening in cities where conditions allow
- Promote support for trade programs
- Under the rate of housing fund loans
- Scale return restrictions on a regular basis
- Accelerate the development of new technology and product, such as smart clothes and autonomous driving
This story was originally shown Fortune.com
English