Business / Economy

China rolls out pro-consumption measures

(Xinhua) Updated: 2015-11-24 09:48

China rolls out pro-consumption measures

A visitor takes a close look at the smartwatch unveiled by Lenovo Group Ltd in Beijing, May 28, 2015. [Photo/China Daily]

BEIJING - China will increase imports, make it easier for overseas shoppers to get tax refunds and allow foreigners to visit more of the country for 72 hours without a visa, the central government said on Monday.

Outlining a number of measures aimed at encouraging consumption and stabilizing the struggling economy, China will start to import more advanced equipment and daily consumer goods and eliminate or reduce tariffs on the imports of these products, according to a guideline issued by the State Council.

China will continue to open up its service sector to foreign investors by adopting the "pre-establishment national treatment plus negative list" approach.

It promised to support the development of "emerging industries with strategic importance," a category including energy conservation and environmental protection, next-generation information technology, and new energy vehicles.

The announcement also specified 3D printing, robotics, gene engineering, wearable devices, smart home appliances, and digital media as targets for development.

The government will subsidize buyers of these new products and services.

"Boosting consumption is conducive to economic restructuring and sustainable growth," said the guideline.

The pro-consumption measures came as China is trying to shift from investment-led growth to consumption and innovation-driven expansion.

In a tone-setting communique issued by the Communist Party of China Central Committee last month, the country's top leadership vowed to make consumption a bigger contributor to economic growth in the next five years.

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