China Targets Consumption Boost
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Chinese consumersCNBC
•Business
Business & Economics
China's $41 billion plan to boost consumption is just a start as deflationary pressures deepen
90% Informative
China 's latest move to boost consumption isn't meant to jolt all kinds of spending.
Policymakers doubled subsidies for a consumer trade-in program to 300 billion yuan ( $41.47 billion ) this year .
China must focus more on domestic demand given the possibility of "new shocks" to overseas demand.
China 's retail sales grew by 3.5% last year , a sharp slowdown from 7.2% growth the prior year .
China pledges to boost consumption and investment in a new report released Wednesday .
The report calls for efforts to "increase spending power" and encourage the development of products and scenarios that would encourage consumers to spend.
Top of mind for policymakers is retail sales of "big-ticket items," according to the report.
China will soon release a more detailed plan for boosting consumption.
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