Car consumption to drive stable recovery

China's top economic regulator announced on Wednesday it will take steps to encourage consumption and boost momentum, including stabilizing strong spending on cars, in a bid to consolidate the recovery trend this year.

Analysts said that the country's latest moves would further boost consumer confidence, fully release pent-up market demand and provide a strong impetus for the auto market, which will help drive the consumer-led recovery in the coming months.

They said that domestic demand, particularly consumption, will be the key driver propelling China's economic growth in 2023.