BEIJING: China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession.
At a meeting chaired by Premier Li Keqiang, China's state council - which functions as the cabinet - also vowed to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel and help companies to participate in domestic and overseas trade shows. The cabinet also reaffirmed its support for the private sector and digital platform economy, which have taken a knock from a series of regulatory crackdowns in recent years.
It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported. During the week-long Chinese New Year holiday that ended on Friday, consumption increased 12.2 per cent from the same period last year, the tax authority said on Saturday, reflecting a rebound after the relaxing of some of the world's tightest COVID-19 curbs.
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