NDRC moves swiftly on policies to develop consumer spending

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NDRC spokesperson Meng Wei addresses queries at the commission's June press conference, Beijing, China, June 16, 2023. /CFP

The National Development and Reform Commission (NDRC) on Friday pledged swift action on policy measures to enhance consumer spending.

NDRC spokesperson Meng Wei underscored China's continued economic recovery, as the non-manufacturing business activity index has remained above the benchmark level this year, hitting a robust 54.5 percent in May

Service sector rebound and consumption growth are evident. Notably, May saw a 27.9 percent year-on-year surge in automobile sales and a 9.1 percent climb in the service industry production index in the year's first five months, Meng stated.

Meng also highlighted that fixed asset investments are on an upward trajectory with an overall 4.0 percent year-on-year growth rate, and specific increases of 6.0 percent, 7.5 percent, and 12.8 percent in manufacturing, infrastructure, and high-tech industry investments respectively.

Despite current market and internal dynamism challenges, Meng Wei reiterated China's long-term economic momentum. Progress is being made in unfolding macroeconomic policies, supporting market recovery, and adjusting supply structures.

The NDRC is now expediting policies to reinvigorate and expand consumer spending, aiming to enhance the consumption environment and tap into the service sector's potential.

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