The National Development and Reform Commission, China’s economy planning body, Monday announced 24 measures to boost domestic consumption, along with another 9 ministries including the Ministry of Industry and Information Technology and the Ministry of Finance.
These measures cover a wide range of consumer categories such as automobiles, housing, childcare, media, etc. and highlight the potential of new technology to stimulate consumption.
The commission said that 5G license granting would be sped up to boost the consumption of information through mobile networks. It also mentioned ultra-high definition video technology, saying that it would support upgrading of radio and television networks and telecommunications networks to enhance the capability of ultra-high definition video transmission and would support central and local television stations in content production.
Meanwhile, it asked for regions to support and subsidize companies that promote products including ultra-high-definition television sets, set-top boxes, and virtual reality/augmented reality devices.
Domestic consumption is seen as a major growth engine for the Chinese economy which faces uncertainty due to trade tensions with the United States.