BEIJING — China announced on Monday new measures to promote spending in its culture and tourism sectors as its economy struggles to shake off sluggish consumption.
A property sector crisis, high youth unemployment and low consumer confidence have been depressing consumer demand in the world’s second-largest economy.
Beijing has announced a raft of policies since September, including removing property buying restrictions, cutting interest rates and providing subsidies for household items, to try to kick-start the economy.
But they have so far failed to encourage greater consumer activity, with inflation remaining stubbornly low.
The new measures, released by China’s State Council, aim to “enrich consumption formats and scenarios… and cultivate culture and tourism into pillar industries.”
The measures call on local authorities to offer coupons, reward schemes and discounts to promote spending, and to increase investment in cultural and tourism products.
They should also target different age groups by “optimizing parent-child entertainment services” and “develop the silver economy” with tourism and cultural products for the elderly.
Domestic tourists spent 2.7 trillion yuan ($372 billion) in the first half of 2024, up 19 percent on the previous year,.
Be the first to comment