China's Strategic Shift: Elevating Consumer Spending for Economic Growth

China plans to elevate consumer spending as a top priority for its 2025 economic strategy. Amidst a trade war with Washington, Chinese leadership aims to rectify economic imbalances by boosting domestic demand, with initiatives such as treasury bonds and expanded trade-in schemes. Technology remains a key focus.

In a significant strategic shift, China is prioritizing consumer spending as part of its 2025 economic plan, according to a recent report by Premier Li Qiang. The initiative seeks to stimulate domestic demand and rectify economic imbalances, especially as trade tensions with Washington escalate.

The new strategy includes a 'special action plan,' enhancement of trade-in schemes, and issuance of treasury bonds to bolster consumer finances. Encouraging domestic consumption could make up for potential losses in international markets due to rising tariffs.

Despite this focus on consumer spending, China's leadership still emphasizes technological advancement. With an eye on future developments, the country plans to intensify support for emerging sectors like artificial intelligence, quantum computing, and biomanufacturing.

(With inputs from agencies.)