China beefs up efforts to expand new type of consumption

May 18, 2020

Abstract : China has continued to roll out measures at central and local levels recently to expand the new type of consumption, reported Economic Information Daily Monday.

BEIJING, May 18 (Xinhua) -- China has continued to roll out measures at central and local levels recently to expand the new type of consumption, reported Economic Information Daily Monday.

China's top economic planner, the National Development and Reform Commission (NDRC), recently co-issued a document with another 22 central authorities to speed up the construction of the "smart +" consumer ecosystem, and encourage online and offline integration, "Internet + social services" and other new consumption models.

The Ministry of Industry and Information Technology (MIIT) also announced that it is stepping up efforts to foster the application of 5G technology, including the 5G+VR panoramic virtual shopping guide cloud platform and other application scenarios, to support the development of the new type of consumption.

The China Banking and Insurance Regulatory Commission declared that it will better support the new type of consumption and consumption recovery through consumer credit services in light of the actual situation.

At the local level, Shanghai, Chongqing, Nanjing, Guangzhou, and Jiangsu and Sichuan provinces, among others, recently announced to further enhance policy support on cultivating new growth points in fields like 5G+ products, ultra HD video, smart home and intelligent connected vehicles for consumption upgrade.

They will also accelerate retail innovation and transformation, and encourage the development of new consumption models such as live-streaming e-commerce.

It's noteworthy that multiple regions in China are vigorously pushing up the application of new consumption scenarios represented by live broadcast e-commerce.

Southwest China's Chongqing Municipality recently started an action plan on live-streaming of goods, proposing to build 20-odd origin live broadcast bases, and develop at least 100 influential live streaming e-commerce service agencies, with the goal of realizing an annual transaction value of over 10 billion yuan.

Guangzhou, capital city of south China's Guangdong Province, will hold its first live-streaming festival in early June, and the number of the live broadcasts during the event is expected to exceed 20 in three days, covering retail, accommodation and many other fields. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)