The State Council, China's cabinet, has unveiled a slew of measures to unlock domestic consumption potential, the Xinhua News Agency reported on Thursday. China sees institutional barriers restricting consumption expansion and upgrading, and some key market developments could not meet diversified consumer demand, Xinhua reported citing a guideline released by the State Council recently.
Also, regulations are not adapting to rapid changes in the modes of consumption, and protection for consumers should be further enhanced, the guideline said.
The government urged the establishment of more mature niche markets for consumption, and strengthening the driving force for consumption growth. Also, the credit system for consumption needs to be improved, it said.
The cabinet also underlined supporting fiscal, financial, land and distribution policies to improve residential consumption capabilities and expectations.
The Ministry of Commerce said earlier in September that domestic consumption is not downgrading and is actually still upgrading.
Some recent indicators have pointed to downward pressure in China's economy, and some media reports have claimed that the nation's middle class are economizing by buying cheaper products.
