China Releases Work Plan to Expand Domestic Demand

China has announced a work plan aimed at further expanding domestic demand, effectively promoting consumption, smoothing out business cycles of supply and demand, and nurturing the formation of a strong domestic market in the near future. The work plan covers measures in the following respects:

• Accelerating the online access of offline services and consumption to fully tap the potential of the online economy

• Developing new service models on the basis of doing a good job of regular epidemic prevention and control

• Implementing policies for the promotion of physical object consumption to create virtuous cycles of supply and demand at a higher level

• Making better use of domestic and foreign production factors and resources to give greater support to the manufacturing industry

Details of the measures can be found in the circular jointly issued by the National Development and Reform Commission and 13 other government departments on 14 October (Fa Gai Zong He No. 1565 [2020]).

Source: National Development and Reform Commission