Li calls for boosting new types of consumption
China will take steps to boost new types of consumption by supporting new business forms and models with a view to promoting economic recovery, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.
The meeting noted that consumption, as a key engine of growth, has been significantly affected by COVID-19 this year and has become a drag on economic recovery. However, new forms and models of business based on the internet and digital technologies have generated rapid growth in new types of consumption despite the overall downward trend and have demonstrated enormous potential.
"COVID-19 has made a big impact on consumption," Li said. "For China to achieve positive growth this year, boosting consumption is vitally important. Efforts should be made in line with our own national conditions to expand channels of consumption and stimulate domestic demand."