The State Council executive meeting was held to support the expansion of cultural, sports, and tourism consumption, promote ice and snow consumption, and develop inbound tourism consumption.
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Editor-in-Chief | Yang Ming
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Xinhua News Agency
On February 10, 2024, Premier Li Qiang of the State Council presided over an executive meeting of the State Council to study relevant work on boosting consumption, to review and approve the "2025 Action Plan for Stabilizing Foreign Investment", to study policy measures to resolve structural contradictions in key industries, and to discuss the "Draft of the National Development Planning Law of the People's Republic of China."
The meeting pointed out that boosting consumption is of paramount importance to expanding domestic demand and developing a strong domestic cycle. We must truly change our mindset and place greater emphasis on boosting consumption. We must vigorously support residents' income growth, promote reasonable growth in wage income, expand channels for property income, and enhance consumption capacity. We must focus on consumption areas with strong driving force and large growth potential, and tap the potential for consumption. Promote the improvement and benefit of service consumption, optimize the supply of services for the elderly and children, support convenient service consumption, expand cultural, sports and tourism consumption, promote ice and snow consumption, and develop inbound tourism consumption. Promote the upgrading of bulk consumption, increase support for the replacement of old consumer goods with new ones, better meet the needs of housing consumption, and extend the automotive consumption chain. Strengthen the leading role of consumer brands, support the accelerated development of new types of consumption, promote "artificial intelligence + consumption", health consumption, etc., and continuously create new consumer products, new scenarios, and new hotspots. Implement a three-year action plan to optimize the consumption environment, further improve quality standards, credit constraints, comprehensive governance, consumer rights protection and other systems, focus on solving prominent problems that the public strongly reflects, and create a reassuring consumption environment.
The meeting pointed out that foreign-funded enterprises play an important role in absorbing employment, stabilizing exports, and promoting industrial upgrading. We must come up with more pragmatic and effective measures to stabilize the existing stock and expand the incremental amount. We must orderly expand independent opening up, deepen pilot projects in relevant fields, implement the requirement of fully canceling restrictions on foreign investment access in the manufacturing sector, optimize the comprehensive pilot demonstration of expanding opening up in the national service sector, and expand the scope of industries encouraging foreign investment. We must continue to build the "Invest in China" brand, increase support for reinvestment by foreign-funded enterprises in China, encourage foreign investment in equity investment in China, optimize the rules and procedures for foreign mergers and acquisitions. We must treat domestic and foreign-funded enterprises equally in government procurement and other work, expand financing channels for foreign-funded enterprises, and strengthen intellectual property protection. We must provide good service and support for foreign investment projects, and provide more convenience for the travel of foreign enterprise personnel in terms of entry and exit, residence, etc.
The meeting pointed out that we must work from both the supply and demand sides to comprehensively address structural contradictions in key industries and other issues, and promote healthy industrial development and quality upgrading. We must optimize industrial layout, strengthen standard leadership, promote integration and restructuring, promote the withdrawal of backward and inefficient production capacity, and increase the supply of high-end production capacity. We must optimize market regulation, strengthen industry self-discipline, and jointly maintain a fair competitive and survival-of-the-fittest market order.
The meeting discussed and in principle passed the "Draft of the National Development Planning Law of the People's Republic of China", and decided to submit the draft to the Standing Committee of the National People's Congress for deliberation. The meeting pointed out that we must continuously improve the scientific, democratic, legal, and standardized level of national development planning, and better play the strategic guiding role of national development planning.
The meeting also studied other matters.
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