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China to further expand consumption: Premier

Updated: Oct 15,2016 2:13 PM

“We should further expand domestic consumption, support economic transformation and upgrading and improve people’s wellbeing,” said Premier Li Keqiang during a State Council’s executive meeting on October 14.

Figures for the last eight months indicate domestic consumption has made significant contribution to the economic growth.

“Changes in major indicators show the current policies have given impetus to the consumption expansion, promoted service industry and improved the overall quality of manufacturing industries,” Premier Li said.

The Premier called for the government to encourage private investment to enter social fields such as health care, education, culture and fitness, to promote innovation and technologies, and make more efforts to remove system obstacles.

Premier Li also encouraged enterprises to make products that could meet individualized demands in the market. He took the rehabilitation industry as an example, saying that China has over 200 million elderly and around 20 million severely disabled, who have a pressing need for personalized equipments to improve their quality of life. “There is huge potential in rehabilitation market,” the Premier added.

In addition, the meeting passed five policy measures to expand domestic consumption, considering market and people’s demands, with public sports and fitness facilities specifically emphasized by the Premier.