Improve consumption for high-quality growth

The central authorities have recently called on boosting consumption, namely enhancing the purchasing power and willingness of middle-and low-income groups. This cannot be separated from increased income, as income growth directly enhances residents' purchasing power and stable income growth increases people's willingness to consume.

By 2023, consumption had been the primary driver of China's economic growth for 10 consecutive years. Compared to boosting consumption among those with middle- and above-middle incomes, there is greater room for improvement in incomes for those with lower incomes. By raising minimum wage standards, increasing employment opportunities, and optimizing tax policies, these groups' disposable income can be directly or indirectly increased.

Further, since low-income groups in the country are primarily located in rural areas, improving the income of rural residents can enhance the consumption capacity of middle- and low-income groups.