China said to plan more measures to boost domestic consumption

January 10, 2019 09:11
China is reported to be mulling new measures to lift domestic consumption amid a trade war with the US. Photo: Bloomberg

China plans to introduce policies to boost domestic spending on items such as autos and home appliances this year, according to a senior state planning official.

Ning Jizhe, vice chairman of National Development and Reform Commission (NDRC), said in an interview with CCTV that the policies will be part of wider efforts to strengthen domestic consumption, Reuters reports.

The state planner will introduce policies in house leasing and services, as well as elderly and child care, with plans to also lower investment barriers in other sectors such as culture and sports.

In other initiatives, the NDRC plans to move ahead with a second batch of major foreign-invested projects in the first quarter of 2019.

The second batch could include new energy ventures, Reuters said, citing an interview transcript published by state news agency Xinhua.

Investment in each of those projects could be worth billions of US dollars, according to Ning.

The first batch, launched in the fourth quarter of 2018, comprised seven projects including Tesla’s factory in Shanghai and BASF’s deal with Sinopec to build a steam cracker in China.

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