China's Economic Boost: NDRC's 20 Steps to Revitalize Consumption

The National Development and Reform Commission (NDRC) of China recently announced a comprehensive 20-step action plan to stimulate domestic consumption and bolster the economy. This strategic move aims to reduce reliance on exports and promote sustainable growth. The plan focuses on key sectors such as catering, home services, and elder care, as well as new consumer formats like unmanned retail and live streaming e-commerce.


The NDRC's plan targets specific sectors and industries to boost domestic spending. For instance, the catering industry will benefit from expanded basic consumption, while home services and elder care will receive enhanced financing support. Additionally, new consumer formats such as unmanned retail stores and self-pickup lockers, as well as electronic sports and live streaming e-commerce, will be fostered to drive economic growth.

The plan also includes measures to offset costs for caring for infants, education, and elderly support through additional personal income tax deductions. This will help increase consumer spending and stimulate the economy. Moreover, the NDRC will enhance financing support for eligible small and micro enterprises in the service industry, further stimulating consumption.


The 20 steps announced by the State Council aim to stimulate domestic consumption and reduce reliance on exports. The new leisure tourism areas, such as cruise ships, yachting, and low-altitude flying, along with financial products tailored to new consumer formats, support the development of new spending habits. These measures are expected to have a positive impact on domestic consumption and contribute to China's economic growth.

In conclusion, the NDRC's 20-step action plan is a comprehensive strategy to boost domestic consumption and revitalize the Chinese economy. By targeting key sectors and industries, as well as promoting new consumer formats, the plan aims to reduce reliance on exports and foster sustainable growth. As the plan is implemented, it is expected to have a positive impact on various sectors and contribute to China's economic recovery.