China announces measures to expand commodity consumption

Seven Chinese government departments, including the Ministry of Commerce and the National Development and Reform Commission, have issued a directive to expand and upgrade commodity consumption. The plan aims to cultivate trillion-yuan markets in sectors such as green, intelligent, and health-related consumption by 2030.

Key initiatives include boosting the consumption of durable goods like automobiles, home appliances, and furniture. Specifically, the directive calls for removing unreasonable restrictions on car purchases and supporting the entire automotive lifecycle, including maintenance and second-hand markets. The policy also emphasizes the development of products for the elderly and children, such as AI-powered rehabilitation equipment and smart home applications.

To support these goals, China plans to allocate approximately 250 billion yuan (roughly 37 billion USD) in ultra-long-term special treasury bonds for consumer goods exchange programs. Additionally, a 100 billion yuan special fiscal-financial coordination fund will be established to facilitate market expansion.