China aims to boost consumption and imports as global demand cools

At a meeting chaired by Premier Li Keqiang, China’s state council – which functions as the cabinet – also vowed to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel and help companies to participate in domestic and overseas trade shows.

The cabinet also reaffirmed its support for the private sector and digital platform economy, which have taken a knock from a series of regulatory crackdowns in recent years.

It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported.

Analysts at Japanese brokerage Nomura said in a research note on Saturday that consumption of in-person services had recovered notably, as seen in the rebound of trips made and tourism earnings.

But they said households were likely to be moderate in releasing pent-up demand.
Source: Reuters