Source: Brokerage China

On March 17, 2025, at 3 PM, the State Council Information Office held a press conference. Li Chunlin, Deputy Director of the National Development and Reform Commission, along with relevant officials from the Ministry of Finance, the Ministry of Human Resources and Social Security, the Ministry of Commerce, the People's Bank of China, and the State Administration for Market Regulation introduced the situation regarding measures to promote consumer activity and answered questions from reporters.

The People's Bank of China: Researching the establishment of new structural monetary policy tools to increase low-cost funding support for key areas of Consumer.

Car Shiyi, head of the Credit Market Department of the People's Bank of China, stated that a moderately loose monetary policy should be implemented to create a good financial environment for expanding Consumer. Based on domestic and global economic and financial situations as well as the operation of the financial market, it is necessary to adjust and optimize the policy strength and rhythm at the right time, using various monetary policy tools such as deposit reserves, relending, and open market operations to maintain ample liquidity; research and establish new structural monetary policy tools to enhance low-cost funding support for key areas of Consumer.

The People's Bank of China: Researching and issuing specialized documents to provide financial support for expanding Consumer, strengthening the synergy between financial, fiscal, and industrial policies.

Car Shiyi stated that the People's Bank of China will research and issue specialized documents to provide financial support for expanding Consumer, strengthening the coordination between financial and fiscal policies, and industrial policies, guiding Financial Institutions to actively meet the diverse funding needs of various entities from both the supply and demand sides of Consumer.

Li Chunlin: The document promoting Consumer first mentions stabilizing the stock market and the real estate market, striving to enhance LBX Pharmacy Chain Joint Stock's confidence in spending.

Li Chunlin stated that the "Special Action Plan to Boost Consumer" emphasizes for the first time stabilizing the stock market and the real estate market in the documents promoting Consumer, proposing corresponding measures to enhance LBX Pharmacy Chain Joint Stock's confidence in spending, make expectations more stable, and strengthen confidence.

Li Chunlin stated that the "Plan" focuses on increasing energy and practical implementability, with policies that provide tangible benefits to the public, comprehensively expanding the consumption of commodities and services. One key point is a comprehensive effort from both the supply and demand sides. He mentioned that previous consumption policies primarily approached from the supply side, emphasizing the creation of demand through supply-led initiatives. This time, the "Plan" increases policy efforts on the demand side, aiming to promote income increases and reduce burdens for residents.

Li Chunlin: Relevant functional departments are actively speeding up the formulation of supporting policies for childcare subsidies, labor wages, and others.

Li Chunlin stated that the "Special Action Plan for Boosting Consumption" is a comprehensive document led and managed by the central authority, requiring every department to ensure effective implementation. Subsequently, the implementation will require comprehensive efforts from various departments. With regard to childcare subsidies and labor wages policy, relevant functional departments are actively speeding up their formulation, and they will be issued successively. After the release of the "Plan," there will be several special work plans from various departments, and all policies will be further detailed and specified.

The Market Supervision Administration: This year will fully upgrade the 12315 supervision platform, striving to achieve zero distance and high efficiency in consumer rights protection.

Market Inspection Specialist Ji Xiaoling from the Market Supervision Administration stated that this year will comprehensively upgrade the 12315 supervision platform, strengthen the application of Big Data technology, promote the consumer dispute resolution mechanism, and expand the grassroots consumer rights protection service network, striving to resolve more consumer disputes at the bud stage and achieve zero distance and high efficiency in consumer rights protection.

Fu Jinling: Will cooperate with relevant departments to improve the childcare and elderly care service system, actively conduct research on childcare subsidy systems.

Fu Jinling, Director of the Economic Construction Department of the Ministry of Finance, stated that the Ministry of Finance will continue to strengthen financial investment to support the basic living needs of vulnerable populations, and cooperate with relevant departments to further improve the childcare and elderly care service system, actively conducting research on childcare subsidy systems, and other work.

The Ministry of Human Resources and Social Security: Expand the coverage of the one-time job expansion subsidy policy, and effectively utilize various industry Funds to promote employment.

Chen Yongjia, head of the Employment Promotion Department of the Ministry of Human Resources and Social Security, stated that this year will focus on strengthening the reduction of burdens and stabilization of jobs, expansion incentives, support for entrepreneurship, and person-post matching to promote employment and entrepreneurship among key groups.

In terms of strengthening burden reduction and job stabilization, the main approach is to continue implementing policies for phased reductions in unemployment and work injury insurance rates, encourage Financial Institutions to innovate special loans for job stabilization and expansion, moderately increase loan limits for small and micro enterprises, expand coverage, and guide enterprises to stabilize positions. In terms of strengthening expansion incentives, the main approach is to timely fulfill tax incentives, guaranteed loans, employment subsidies, and other policies, expand the coverage of one-time expansion subsidy policies, make better use of various industry Funds to promote employment, and encourage enterprises to absorb more employment.

Ministry of Commerce: Timely investigation of violations such as false Trades, repeated applications, and multiple sales by one machine, resolutely maintaining market order.

Li Gang, director of the Market Operation and Consumption Promotion Department of the Ministry of Commerce, stated that in the implementation of the policy of replacing old consumer goods with new ones, the Ministry of Commerce is using an iterative upgrading system to monitor and intercept violations such as false transactions, repeated claims, and selling multiple products from one machine in real-time through information technology. At the same time, it is smoothing the avenues for supervision and reporting, working with relevant departments to guide local authorities to promptly investigate and punish violations, firmly maintaining market order and protecting the legitimate rights and interests of consumers.

Li Chunlin: Multiple departments are actively planning corresponding policies to promote consumption.

"The relevant departments present today are researching policies in areas such as finance and taxation, commerce, and finance that are conducive to promoting consumption," Li Chunlin stated. "There are also many departments that have not attended today, such as the Ministry of Civil Affairs, the Ministry of Culture and Tourism, the Securities Regulatory Commission, the National Health Commission, the Ministry of Agriculture and Rural Affairs, etc., that are actively planning corresponding policies. Currently, the National Health Commission is drafting specific operational plans for childcare subsidies. Other related functional departments are actively promoting matters such as expanding the scope of housing provident fund usage and increasing income for low-income rural populations."

Fu Jinling stated that the central government will allocate reward and subsidy funds to support international consumption center cities in expanding inbound consumption.

Fu Jinling stated that the central government will allocate reward and subsidy funds to support our country's international consumption center cities and some key consumption cities to create an international consumption environment, build internationally friendly business circles, enhance the convenience and comfort of inbound consumption for foreign personnel, enrich quality consumption supply, and help expand inbound consumption.

Li Chunlin: Consumers are willing to pay for good products; the key is to provide goods and services that satisfy consumers.

"This is the second time I have entered a cinema to watch an animated film since I watched 'Chang'an 30,000 Miles' two years ago." On March 17, during a news conference at the State Information Office, Li Chunlin talked about his recent experience watching 'Nezha 2'. He believes that quality supply not only brings a good consumption experience and improves the quality of life for residents but also generates a continuous demand for consumption. "Consumers are willing to pay for good products; the core is to have goods and services that satisfy consumers," said Li Chunlin.

Editor/rice