The Chinese Ministry of Finance said on Tuesday that Beijing will strengthen financial support for consumption next year by increasing pensions, subsidizing medical insurance and expanding the scope of swaps of consumer goods for new ones.
At the end of a two-day conference on financial work, the ministry added that China will support the basic pension for retirees and urban and rural residents, and will raise the standards of financial support in terms of medical insurance for these populations to help boost consumption “vigorously”.
China will also increase its support for the exchange of consumer goods for new ones, expand active investment and continue to support the social dimension through government investment, the ministry said, according to Reuters.
These actions will contribute to improving the livelihoods of the population, the policy system to support population growth, strengthening the Social Security Network and the health care system.
At a meeting this month, Chinese leaders pledged to increase the budget deficit, issue more treasury instruments and ease monetary policy to keep economic growth stable as the country prepares for further trade tensions with the United States with the return of Donald Trump to the White House next month.
Reuters on Tuesday quoted two sources as saying that the Chinese authorities have approved the issuance of private Treasury bonds worth three trillion yuan (411.04 billion dollars) next year.
