People visit the fourth China International Consumer Products Expo in Haikou, capital city of south China's Hainan Province, April 18, 2024. – Xinhua
The renewed commitment came in the wake of a detailed plan announced last week to earmark approximately 300 billion yuan in ultra-long special treasury bonds to boost large-scale equipment renewals and replace old consumer goods with new ones. Spending on the purchase of equipment and tools increased by 17.5 per cent year on year during the same period, contributing more than 50 per cent to the total investment growth in the country, the commission added.
Emphasising the need to expand consumer demand with a focus on boosting consumption, Tuesday's meeting also hinted at a focus on economic policies that would improve people's livelihoods and expand channels to raise residents' income. The country's promise to bolster consumption is also echoed in a resolution released after the third plenary session of the 20th Communist Party of China Central Committee, which was held from July 15 to 18.