China working on measures to boost consumer spending

China will scale up efforts to boost consumer spending this year by pairing measures to stimulate household spending power with pro-consumption policies, according to a government work report submitted to the national legislature for deliberation.

China will formulate and implement income growth plans, rolling out a series of practical measures to boost earnings for low-income groups, increase residents' property income, and improve social security systems, according to the report submitted Thursday.

China will allocate 250 billion yuan ($36.3 billion) in ultra-long-term special treasury bonds to support consumer goods trade-in programs, and establish a special fiscal-financial coordination fund of 100 billion yuan to facilitate domestic demand expansion.

The country will create a series of highly visible new consumption scenarios with broad impact while accelerating the cultivation of new growth drivers. The report also states that efforts will be made to remove what are deemed to be unreasonable restrictions in the consumption sector and release pent-up demand regarding culture, tourism, sporting events and healthcare.

China will also take targeted steps to optimize the consumption environment for international visitors and build the "Shopping in China" brand, according to the report. (Source: China daily)