Economy World

China calls for domestic consumption

BEIJING, China – The Prime Minister of China called on the people to increase domestic consumption to ensure economic growth while foreign markets remained shaky, and promised better support social security, labor labor and social housing to help those stranded by the economic boom of the Asian nation.

Speech from the National People’s Congress, Premier Wen Jiabao announced that the government was considering an increase of 7.5 percent this year – a target lower than previous targets. The government targets a growth rate slightly lower, as momentary as it attempts to rebalance the second largest economy in the world.

In his speech, Wen acknowledged that China’s economy faced new problems. Wen said there is a downward pressure on economic growth, prices remain high while the regulation of the housing market is at a crucial stage.

Wen said that an increase in domestic consumption was crucial to the future of China. He promised increased spending on health care and social services, thereby increasing disposable income of citizens, and raise wages of workers in medium and low income.

Wen said the government was to support increases in chapters of paid vacation and consumer credit, and he would try to offer more solutions to facilitate purchases and help people spend more.

According to the plan, subsidies to agriculture are also subject to increases. Slightly less than half of China’s population of 1.3 billion people live in rural areas dependent on agriculture. Students living in these areas would also benefit from more support in terms of tuition.

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