Steps to spur consumption, enhance vitality

Reinforced policy support unveiled after manufacturing activity softens in July

A State Council executive meeting presided over by Premier Li Qiang on Thursday called for stepping up efforts to improve the effectiveness of macroeconomic policies, while arranging the implementation of interest subsidies on personal consumption loans and loans to service sector businesses to better stimulate consumption and enhance market vitality.

As the country's latest step to boost innovation-driven growth, the State Council executive meeting approved a guideline on deeply implementing the AI Plus initiative, calling for promoting the large-scale, commercial application of artificial intelligence and advancing its accelerated adoption and deep integration across various fields of economic and social development.

On Thursday, the National Bureau of Statistics released the latest purchasing managers index, or PMI, data, which suggested the necessity to consolidate the resilience of the manufacturing sector and overall economic momentum in the second half of the year.