The State Council executive meeting on May 11 decided to upgrade the consumer goods industry and facilitate investment, aimed at better meeting consumers’ growing demand.
According to the meeting, government at all levels are urged to improve policies, increase the variety and quality of products and nurture domestic brands.
Teng Tai, director at the Wanb Institute, said that along with the increase in income, low-end industrial products of the past can no longer meet consumers’ growing demands, which require products and services with better quality.
“Advancing supply-side reform can eliminate backward industrial capacity and foster new supply and new momentum, which will in turn promote the upgrading of consumption. This is a vital road to realize economic transition,” Teng said.
Wu Qi, researcher at China Minsheng Bank, said that in meeting the demand for development and improving the weak link in the country’s consumer goods industry, the State Council proposed promoting a “revolution of quality” for the first time.
“Its essence lies in the ‘craftsman’s spirit’ to place quality and credit first, adhering to a customer-centered development conception, to promote the upgrading of consumer goods industry,” Wu added.
The meeting also rolled out measures to further simplify approval procedures for investment projects to spur economic growth.