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China set to lift services to bolster consumption
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CHINA will promote the development of the retail, health, travel and sports sectors in a bid to boost domestic consumption, the Cabinet said yesterday.
It will encourage financial institutions to accept a broader range of collateral for extending loans to “lifestyle-related businesses,” the State Council said in a statement on its website.
Other sectors that the government highlighted are services related to families and the elderly, culture, law, accommodation and catering as well as education and training.
The State Council said the government will also expand consumer credit, improve the system of Internet payments and study the management of credit card fees “to further reduce overall expenses” related to their use. No details were given.
The government will crack down on price-gouging as well as the sale of counterfeit goods, and prosecute monopolies and businesses engaged in unfair competition, according to the statement.
Top leaders have flagged a “new normal” of slower growth as it tries to shift the world’s second-largest economy to sustainable, consumption-led development.
China’s economy is on track this year to grow at its slowest pace in more than two decades. Chinese growth fell to 6.9 percent in the third quarter, the weakest since the global financial crisis, hurt partly by cooling investment.
Earlier this month, the government said it will increase financial, fiscal and tax policy support to drive consumption.
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