BEIJING (Reuters) -China will boost residents’ income to support consumer spending, according to a cabinet meeting hosted by Premier Li Qiang, the national television broadcaster CCTV reported on Monday.
Chinese leaders have pledged to “vigorously” boost consumption this year as they seek to stimulate domestic demand and offset an anticipated decline in exports – a key growth driver that is expected to be hit by rising U.S. tariffs.
“Efforts should be made to vigorously support increases in residents’ income, promote reasonable growth in wage income, broaden channels for property income, and enhance consumption capacity,” the cabinet said.
Efforts should also be made to improve the quality and accessibility of service consumption in various social contexts, the cabinet added.
The cabinet reiterated a policy to expand consumer goods trade-ins.
In January, China added more home appliances to a list of products that can be used in its consumer trade-in scheme and will offer subsidies for additional digital goods, to revive demand in the sluggish household sector.
China will better meet housing consumption needs and promote an “artificial intelligence plus consumption,” model, according to China Central Television (CCTV).
The cabinet meeting said the country will introduce more practical and effective measures to stabilise foreign investment.
“Foreign-invested firms play a significant role in job creation, stabilising exports, and promoting industrial upgrading,” it said.
(Reporting by Beijing Newsroom and Kevin YaoEditing by Bernadette Baum)
