China encourages social capital to upgrade consumer goods, increase supply

Updated 2016-11-29 16:36:53 Xinhua

China will encourage social capital to upgrade consumer goods and increase supply in an effort to build the tertiary sector into a new growth driver, said an official with the nation's top economic planner Tuesday.

"With its huge consumption potential, China needs to improve institutional mechanisms and the market environment to increase social capital in upgrading consumer goods and increasing supply," said Zhao Lidong, an official with the National Development and Reform Commission (NDRC) at a press conference.

Consumers need more high-quality products and services, while farmers, driven by faster income growth, are consuming more goods compared to their urban counterparts, said Zhao.

In a bid to tackle a lack of high-quality goods and a shortage of supply, the Chinese government issued guidelines to boost consumption of services on Monday.

Tourism, elderly care, and the cultural, sports and health industries were highlighted, as well as education and training.

China's economic restructuring has shown budding progress with consumption playing a more conspicuous role in growth, accounting for 71 percent of GDP growth in the first nine months, 13.3 percentage points higher than a year earlier.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 23 2018 03:41:47

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 23 2018 03:41:47

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 23 2018 03:41:47

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords