Chinese Premier Li Keqiang delivered the Report On The Work Of The Government at the Fourth Session of the 12th National People's Congress (NPC) the People's Republic of China on March 5, 2016.
The Chinese government announced that they would tap the potential of domestic demand to increase the space for development and it would work to achieve a moderate expansion of aggregate demand, adjust and reform the composition of demand, strive for better alignment between supply and demand and between investment and consumption, and work to achieve greater balance in the development of urban and rural areas and of different regions.
Strengthen the foundational role of consumption in promoting economic growth
To adapt to the trend toward high-end consumption, the government will remove policy barriers, improve the consumer environment, and safeguard the rights and interests of consumers. It will work to strengthen the growth of emerging areas of consumption such as information goods and services, smart homes, and personalized fashion, encourage interaction between the online and the offline and encourage physical stores to transform themselves through innovation. It will also carry out nationwide trials to set up consumer financing companies and encourage financial institutions to develop new conumer credit products. It will cut import tariffs on some consumer goods and increase the number of duty-free stores to ensure people are able to take their paid vacations, strengthen the development of tourist and transport facilities, scenic spots and tourist sites, and recreational vehicle parks, and see that the tourist market operates in line with regulations in an effort to usher in a new era of mass tourism.
Read original report
