中文
China's President Xi Jinping late last week emphasized the need to encourage a new round of equipment upgrades and consumer goods replacement, thereby further boosting consumption to support high-quality growth, Xinhua News Agency reported.
President Xi made the remarks while presiding over the fourth meeting of the Central Commission for Financial and Economic Affairs.
He also urged efforts to effectively cut logistics costs, enhance the core competitiveness of the industries and improve economic efficiency.
China's total retail sales of consumer goods, a key indicator of the country's consumption power, posted a 7.2% year-on-year growth to 47.15 trillion yuan ($6.55 trillion) in 2023, indicating Chinese people's increasing willingness to purchase, showed data from the Ministry of Commerce.
Official data also showed there were more than 3 billion household appliances in use in China last year, and households across the country owned a large number of air conditioners, refrigerators and TVs.
Participants at the meeting noted that the renewal of large-scale equipment and the trade-in of consumer goods are likely to make great contributions to promote investment and consumption, thereby generating benefits both at present and in the future, according to a statement released after the meeting.
They proposed that a package of policy measures should be implemented to boost the proportion of advanced production capacity, introduce more high-quality and durable consumer goods into people's lives, and promote the recycling of waste resources. Market-orientated and government-supported approaches are needed in this process.
China is striving to reach a 15% growth compared to 2023 in the recycling of disused or old household appliances and furniture by 2025, according to a notice issued by nine central government departments last month.
It is necessary to promote the upgrading and technological transformation of various types of equipment, encourage the trade-in of traditional consumer goods including automobiles and household appliances, and boost the replacement of durable consumer goods, participants said at the meeting.
The central and local financial departments should make joint efforts to ensure that alternatives can benefit consumers in a broader way.
When it comes to reducing the overall logistics costs for society, officials stated that the ultimate goal is to serve the real economy and the public.
They urged the adjustment of the transportation structure by improving the utilization rate of railways and waterways beside roadways. They also encouraged the development of new logistics models involving the platform economy and unmanned driving technology.
(Writing by yan.sun Editing by Alex Guo)
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