Opinion | China's efforts to boost consumption will inject strong momentum into high-quality economi

摘要：China's latest push to boost consumption - a plan on special initiatives to boost consumption - was released on March 16. The plan

China's latest push to boost consumption - a plan on special initiatives to boost consumption - was released on March 16. The plan puts forward 30 specific measures across eight major sections, directly addressing the major constraints on consumption.The eight major sections of this plan adopt a holistic approach by simultaneously addressing factors such as strengthening consumption capacity, income growth and so on.

Liu Chunsheng, an associate professor at the Beijing-based Central University of Finance and Economics said in an interview with China Youth Daily that the second section about strengthening consumption capacity is the highlight of this plan and can promote long-term consumer spending.

(Photo by CFP)

Liu added that the first section of income growth and the second section of strengthening consumption capacity are mutually reinforcing, as income growth can promote short-term consumption and strengthening consumption capacity can promote long-term consumer spending.

The first section of income growth includes many ways to increase income, such as promoting reasonable wage growth and expanding property income channels. The second section of strengthening consumption capacity includes many ways that can strengthen consumption capacity, such as childcare, elderly care, healthcare and education.

Optimizing the social security system can strengthen consumption capacity. Childcare, elderly care, healthcare and education are parts of the social security system and these parts are key concerns for residents. Liu noted that provincial and municipal authorities of China have already implemented many policies to advance elderly care and healthcare, and the plan on special initiatives to boost consumption also includes measures to promote childcare, elderly care, healthcare and education. Liu said that the implementation of these policies and the plan can strengthen consumption capacity of residents and can shore up consumer confidence.

Liu believes that China's efforts to boost consumption will inject strong momentum into high-quality economic development. (By Guo Xinguan/China Youth Daily)