China is turbocharging its economy this year with a laser focus on domestic consumption, NPC spokesperson Lou Qinjian announced Wednesday. 🔥 The plan? Create a “robust domestic market” through high-quality goods, better services, and policies to boost household spending power.
💡 Why it matters: Consumption drove 52% of China’s economic growth in 2025, hitting a record 50 trillion yuan ($7.25T) in retail sales. Now, officials aim to build on that momentum with upgraded trade-in programs, “Shopping in China” campaigns, and visa-free perks to attract international shoppers.
Supply Side Swagger 🛍️
From smart home gadgets to eco-tourism packages, China’s rolling out fresh initiatives to upgrade what’s on offer. Service sectors like childcare and healthcare will get a makeover too, easing the “adulting stress” that keeps wallets closed.
Demand Side Dynamo 💸
Lou stressed linking consumption to better livelihoods: higher wages, equal access to education, and job security. Translation? More disposable income + fewer worries = confident spenders. 🤑
📈 2025 Wins: Service retail sales jumped 5.5%, while tax refunds for travelers nearly doubled. With 2026’s plans, China’s betting big on its homegrown economic engine.
