With U.S. tariffs biting hard, China is hoping to rely on its huge population to fuel its economy. China’s state planner aims at introducing policies that boost domestic consumption across a range of segments.
A senior state planning official from China was quoted by Chinese state television CCTV as saying, Beijing plans on introducing policies that boost and strengthen domestic spending on items including home appliances and automobiles.
In an interview with CCTV, Ning Jizhe, vice chairman of National Development and Reform Commission (NDRC), said these policies will be part of wider efforts to strengthen domestic consumption in the country.
These policies will also cover the house leasing and services segments as well as the care for the elderly and children. The state planner also plans on lowering the investment barriers in other sectors such as culture and sports.
Jizhe also stated, the NDRC plans to move ahead with a second batch of major foreign-invested projects in the first quarter of 2019, which could include new energy ventures.
Investments in each of these projects could be in billions of U.S. dollars, he went on to add. The first batch launched in 2018’s fourth quarter comprised seven projects including that of Tesla’s Gigafactory in Shanghai as well as German chemical giant BASF’s agreement with Sinopec Corp to build a steam cracker in China.