China Supports New Business Models to Boost Consumption

In order to implement policies outlined in the Government Work Report, China will support the healthy development of new business models, stimulate the consumer market, expand employment and further strengthen the digital economy, according to a guideline jointly released by 13 government departments, including the National Development and Reform Commission and the Office of the Central Cyberspace Affairs Commission (Fa Gai Gao Ji No. 1157 [2020]). Efforts will be made to break away from stale thinking and support new business formats and models that combine online and offline marketing as a major breakthrough point for economic transformation and the promotion of reform and innovation. With specific problems in mind, efforts will be made to deepen reform, strengthen institutional supply, harness digital innovation to improve quality and efficiency in the real economy, and to advance ‘Internet+’ initiatives, big data analytics, the platform economy and other key growth drivers. Big projects will be launched to create new demand, foster new formats of employment, stimulate multifaceted investment and create a powerful domestic market in order to better satisfy people’s new expectations for a better life, promote the development of a modernised economic system and achieve high-quality economic development.

Source: National Development and Reform Commission