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China encourages social capital to upgrade consumer goods, increase supply

Updated: Nov 29,2016 2:22 PM     Xinhua

BEIJING — China will encourage social capital to upgrade consumer goods and increase supply in an effort to build the tertiary sector into a new growth driver, said an official from the nation’s top economic planner on Nov 29.

“With its huge consumption potential, China needs to improve institutional mechanisms and the market environment to increase social capital in upgrading consumer goods and increasing supply,” said Zhao Lidong, an official from the National Development and Reform Commission (NDRC), at a news conference.

Consumers need more high-quality products and services, while farmers, driven by faster income growth, are consuming more goods than ever before, said Zhao.

In a bid to tackle the shortage of high-quality goods and supply, the Chinese government issued guidelines to boost consumption of services on Nov 28.

Tourism, elderly care, culture, sports and health industries were highlighted, as well as education and training.

China’s economic restructuring has shown progress, with consumption playing a more conspicuous role in growth, accounting for 71 percent of GDP growth in the first nine months, 13.3 percentage points higher than a year earlier.