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Consumption First Priority to Shore up China's Growth

Consumption is still the first priority in propping up China's economic growth, a senior economic planning official said on March 6.

Xu Shaoshi, head of the National Development and Reform Commission, made the remarks at a press conference when responding to a question on whether China will roll out massive stimulus measures.

The government will work to stimulate consumption as the consumption market has been expanding rapidly with new fields emerging, such as green and information consumption, Xu said.

But he noted that China will also actively boost effective investment to shore up economic growth and help industrial restructuring.

Central Government budgetary investment will be increased to 500 billion yuan ($75 billion) this year, and the investment will focus on projects in affordable housing, railways, technological innovation, environmental protection and poverty relief, Xu said.

China will use the investment to improve less-developed industries, adjust economic structure and foster new growth momentum, Xu said.

A project reserve pool has been established to guide investment in the next three years, he added.

(Xinhua News Agency March 6, 2016)

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