BEIJING: China will ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents as well as expanding consumer goods trade-ins, says the finance ministry.
The country will boost the basic pension for retirees and for urban and rural residents and raise financial subsidy standards for urban and rural residents’ medical insurance to help “vigorously” boost consumption, the ministry said after concluding a two-day national fiscal work conference.
China will also intensify support for consumer goods trade-ins and expand effective investment and drive more social investment through government investment, the ministry said. The measures will improve people’s livelihoods and the policy system to support population growth. — Reuters
