New measures to spur residential consumption

China aims to tap the potential of residential consumption by optimizing its structure, increasing the use of services and other measures, according to a new guideline released on Thursday.

The guideline was released jointly by the general offices of the Communist Party of China Central Committee and the State Council.

The document aims for a smoother cycle in which the upgrading of consumption leads to supply innovation. That, in turn, would improve new growth of consumption to achieve a higher level of balanced supply and demand.