CONSUMPTION

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. More

The General Office of the State Council issued the Opinions on Accelerating the Development of New Types of Consumption Led by New Business Formats and Models (Guo Ban Fa No. 32 [2020]) on 21 September, calling for the establishment of a “dual circulation” development pattern with domestic economic cycle playing a leading role and domestic and international economic cycles supplementing each other under conditions of normalised epidemic prevention and control. More

The Ministry of Commerce issued a circular on 28 July on steadfastly implementing the strategy of the central authorities to expand domestic demand. More

Eight government departments, including the National Development and Reform Commission and the Ministry of Industry and Information Technology, jointly issued a circular (Fa Gai Chan Ye No. 752 [2020]) on 14 May, stating that steps will be taken to further improve the used appliance recycling system and promote the spending on replacement in order to stimulate residents’ consumption potential. More