China pledges measures to boost domestic consumption in 2024

China will introduce a raft of measures, such as stimulating purchases of vehicles and household appliances, to boost consumption this year, a commerce ministry official said.

This was reported by The Xinhua News Agency.

"Automobiles, household appliances and home furnishing are the focus of traditional consumption and are closely related to people's lives", – Vice-Minister of Commerce Sheng Qiuping told.

"China will work to promote vehicle trade-ins this year due to the great demand among people and the potential for replacement", – Sheng said.

China will also encourage the renovation of old houses and the replacement of home appliances, as part of a package of measures to bolster domestic demand

The country's second-hand car trading volume reached 18.41 million units in 2023, an increase of nearly 15 percent.

Car ownership has reached 340 million in China, ranking first in the world, according to the vice-minister.

China will also encourage the renovation of old houses and the replacement of home appliances, as part of a package of measures to bolster domestic demand.

"On top of that, China will spur new forms of consumption, such as cross-border e-commerce, new energy vehicles and China-chic products, to unleash consumption potential", – Sheng added.