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China NPC spokesperson says will continue to expand domestic demand this year

The statements from the China NPC spokesperson indicate a strong commitment to domestic demand expansion, suggesting potential stimulus for the economy.

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Says:

  • Will foster new growth points in services consumption.
  • Will promote high-quality employment this year
  • To reduce residents’ concerns about expanding consumption.
  • Will promote the allocation of more resources to areas related to people’s livelihood, enabling people to consume, dare to consume and be willing to consume.
  • Will formulate the law on childcare services, the law on social assistance and the law on medical security this year.
  • Key to technological innovation and development is ensuring self-reliance in core technologies.
  • Regarding EU ties, says that cooperation with China is conducive to EU's economic development.
Context

This shift towards enhancing services consumption and high-quality employment reflects an attempt to boost consumer confidence and spending amidst previous economic challenges. The focus on legislative support for childcare, social assistance, and medical security could signal structural changes that may impact sectors reliant on consumer expenditure, making this a development to monitor closely for broader economic implications.

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