China studying ways to boost consumption

China is studying and formulating a new document to encourage consumption and boost consumption momentum, the country's top economic regulator said on Wednesday.

Meng Wei, a spokeswoman for the National Development and Reform Commission, said the document will mainly focus on key fields such as stabilizing spending on big-ticket items, enhancing service consumption and boosting rural consumption.

"We will formulate targeted policy measures based on the needs of different income groups and different categories of consumption, to promote steady growth in consumption," Meng told a news conference held in Beijing on Wednesday.

In the first quarter, China's retail sales rose by 5.8 percent compared to the same period last year, while in the last quarter of 2022, they fell 2.7 percent from a year earlier, data from the National Bureau of Statistics showed on Tuesday.

The NBS said consumption is playing an increasingly prominent role in driving economic development, contributing to 66.6 percent of China's growth in the first quarter.

Citing the official consumption data, Meng said China is making a good start for the full-year performance, and the country will make a big push to stabilize the spending on cars, accelerate the construction of charging piles and urban parking facilities, vigorously promote new energy vehicles to rural areas and encourage automobile companies to develop models suitable for use in rural areas.

More efforts will also be made to increase the income of urban and rural residents, ensure the supply and stable prices of basic consumer goods and create a better environment, she added.