Sustained drive set to boost spending
China will ramp up efforts to reinvigorate consumer spending and drive domestic demand across various sectors, to give a much-needed fillip to the country's economic growth momentum in the final stretch of the year, officials and analysts said.
Consumption vouchers in the service sector and new incentives for businesses, among others, will be rolled out to facilitate the transition of the world's second-largest economy toward a more consumption-led model, they added.
China's retail sales growth accelerated by 1.1 percentage points in September compared to the previous month, indicating a positive shift in the country's consumer market. The country will better harness the power of consumption to propel its development, Vice-Minister of Commerce Sheng Qiuping said on Friday.