China has launched a 19-point plan to better align the supply of consumer goods with demand, as Beijing steps up its efforts to rebalance its economy towards a consumption-driven growth model.
A document outlining the plan that was issued by the Ministry of Industry and Information Technology and five other departments on Wednesday laid out goals that included the cultivation of three consumption sectors each worth over 1 trillion yuan (US$141.2 billion) by 2027, as well as 10 hotspots worth 100 billion yuan each.
The trillion-yuan sectors included products for the elderly and consumer electronics, while the consumption hotspots included fitness equipment, pet food and supplies, civilian drones and trendy toys, Vice-Minister of Industry and Information Technology Xie Yuansheng said at a news conference in Beijing on Thursday.
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“These areas have demonstrated strong growth momentum and enormous development potential, giving the consumer market important characteristics such as diversification and vitality,” he said.
The plan singled out a range of specific sectors to promote, doubling down on areas Beijing has previously identified as key growth drivers.
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