China to boost new consumption based on new business forms

The General Office of the State Council has issued a guideline on accelerating the development of new consumption based on new forms of business.

More should be done to implement the strategy of expanding domestic demand, further expanding the size and improving the quality of new consumption based on new business forms, and promoting the formation of a new development pattern with the domestic market as the mainstay, while allowing domestic and foreign markets to boost one another, the guideline said.

After three to five years of efforts, China will improve the institutional mechanisms and policy systems for promoting the development of new types of consumption, it said.

By 2025, the country will foster a number of demonstration cities and leading enterprises for new types of consumption, increase online retail sales of physical goods as a proportion of total retail sales of consumer goods, and promote new types of consumption, such as Internet Plus services, according to the guideline.

The guideline put forward 15 policies in four areas, including promoting the integration of online and offline consumption, improving infrastructure for new types of consumption, optimizing the environment for the growth of new types of consumption, and strengthening policy support for new types of consumption, it said.