China has announced a new policy package to boost household spending by tightening coordination between commerce and financial regulators, expanding access to credit and promoting new forms of consumption.
The move comes as soft retail sales and weak consumer confidence continued to weigh on economic growth last month, highlighting the urgency for policymakers to expand domestic demand. That priority has topped the agenda of the central economic work conference – an annual gathering of the Central Committee of the ruling Communist Party and the State Council, China’s cabinet – for two consecutive years.
