## China Unveils Plan to Stimulate Household Consumption
China has released a plan to stimulate household consumption, focusing on childcare, care for the elderly, and catering.
The list of 20 measures, published this weekend by the Chinese government on its website, outlines a roadmap for ministries and local authorities.
Following a meeting in July, the Chinese Communist Party pledged to reactivate consumption in a context of slow economic growth since the lifting of COVID-19 restrictions at the end of 2022.
The government calls for increasing the supply of services for the elderly, a key sector in a context of an ageing population. There is also a push to develop the supply of childcare, as many young Chinese have expressed little desire to have children due to high education costs and limited social support.
Income tax cuts are also planned to offset the cost of care provided to young children and the elderly.
The government promises to support small and micro enterprises in the service sector with increased financial assistance, particularly from banks.
In the food sector, the plan encourages the celebration of more festivals with culinary themes and the promotion of street food snacks. It also calls for attracting large foreign companies to open their first outlets in China.
The document also advocates for a better quality offer and the renewal of unused housing in rural areas to create more hostels or guesthouses.
Other measures include financial support for underdeveloped forms of tourism such as sports, cruises, and camping.
China is targeting 5% GDP growth this year, but it only grew 4.7% in the most recent quarter.