To promote upgrades of consumption goods for rural areasTo make full use of policies for large-scale equipment upgrades and trade-in programs for consumer goodsChina’s consumption contribution ratio to economic growth will steadily increase by 2030To promote the application of AI in all sectors of consumer goodsTo strengthen the research and development of elderly-friendly productsTo actively develop pet-related, trendy toy consumption
It’s a little bit more specific in terms of what they’re targeting but it also shows that Beijing recognises that it needs to do more in trying to correct existing social issues within the country. And that is all part of Xi’s larger plan of wanting to promote “common prosperity”. Otherwise, it will be tough to revive domestic demand conditions amid a shift – one that is even gathering pace – in terms of aging population in China.
This article was written by Justin Low at investinglive.com.