BEIJING, Dec 16 Reuters China will promote stable growth in household income in 2025 by stepping up direct fiscal support to consumers and boosting social security, the staterun Xinhua news agency said on Monday.
China has set expanding domestic demand as a top task to spur growth next year, as significant pockets of weakness in the crisishit property sector continue to forestall a fullblown revival.
To boost consumption, China will greatly increase funds from ultralong special bonds to support the industrial upgrades and consumer goods tradein scheme next year, Xinhua said, quoting an official of the Central Financial and Economic Affairs Commission.
Steps will focus on boosting household income through greater fiscal spending on consumption, better social security, job creation, wage growth mechanisms, higher pensions for retirees, better medical insurance subsidies, and policies to spur childbirth, Xinhua said.
Policymakers are weighing inclusion of more products in high demand and with potential for replacement in the scheme, as this programme had a very good effect this year, it added, without stating the size of 2025 funding and products to be included.
This year, 150 billion yuan 20.60 billion from such bonds was allocated to support consumer goods, including fridges and TVs tradeins, with overall sales revenue driven by the scheme topping 1 trillion yuan so far.
From the current economic operation, we expect annual economic growth at around 5, the…