The General Office of State Council released the 2018-2020 Implementation Plan on Promoting the Consumption System and Mechanism

Recently, the General Office of State Council released the 2018-2020 Implementation Plan on Promoting the Consumption System and Mechanism (hereinafter referred to as “the Plan”) to deploy the work on eliminating the most direct, noticeable and pressing systematic and institutional barriers to household consumption and further spurring the potential of household consumption.

Guided by Xi Jinping’s socialist thought with Chinese characteristics in a new era and based on the requirements for high-quality development, the Plan fully carries through the spirits of the 19th CPC National Congress, the 2nd and 3rd Plenary Sessions of the 19th CPC Central Committee to follow the new trend of quality improvement, transformation and upgrading of household consumption, focus on and guide the reasonable consumption expectation, substantially enhance the fundamental role of consumption in economic development by stressing the elimination of institutional barriers based on reform and innovation, nurturing the niche markets in the key consumption fields, creating a favorable consumption environment and continuously improving the capability of household consumption to satisfy the growing needs of people for a better life.

The Plan proposes six key tasks to be implemented in 2018 - 2020.

First, to further expand the market access in the service consumption;

Second, to improve the policy system to promote structure upgrade in material consumption;

Third, to accelerate the building of products and service standards in key fields;

Fourth, to establish a credit system in the consumption field;

Fifth, to optimize the support and guarantee to household consumption;

Sixth, to strengthen publicity, promotion and information guidance on consumption.

(Source: Xinhua)