New forms of consumption to boost nation’s economy

BEIJING: New forms of consumption will inject strong impetus into forming the “dual-circulation” development paradigm, and China should accelerate the development of new consumption based on new business forms during the 14th Five-Year Plan (2021-25) period, according to a senior economist.

Wang Wei, head of the Development Research Centre of the State Council’s Institute for Market Economy, said spurring new forms of consumption, such as online education and digital healthcare, will stimulate innovation.