China’s government on Wednesday promised steps to boost domestic consumption as a driver of the economy after growth dipped in the latest quarter.
A Cabinet statement also promised to guard against risks from rising local government debt, a factor that is causing growing concern about China’s finances.
The statement promised changes in medical, pension and other policies but gave no other details. Analysts say higher outlays on social programs are required to free up household incomes for consumer spending if the ruling Communist Party is to achieve its goal of nurturing self-sustaining growth based on domestic consumption instead of trade and investment.
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Associated Press via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/wYsK-y9SZw0/
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