The 20 Measures China’s Unveiled to Get People to Spend Their Cash
Economic growth has slowed to the worst pace in five quarters, with retail sales rising in June at the slowest monthly clip since December 2022.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China has announced a 20-step action plan to get people to spend more, but offered little in the way of financial incentives to rev up domestic demand.
It’s the latest attempt by Beijing to find a formula for making households less averse to shopping. Behind the urgency is China’s increasingly lopsided post-pandemic recovery, as weak consumer spending offsets a boom in exports at a time when trade tensions are also on the rise. Economic growth has slowed to the worst pace in five quarters, with retail sales rising in June at the slowest monthly clip since December 2022.