China aims to boost consumption and imports as global demand cools

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China aims to boost consumption and imports as global demand cools
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BEIJING : China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession.At a meeting chaired by Premier Li Keqiang, China

BEIJING : China's cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported, at a time of cooling global demand as major economies teeter on the brink of recession.

The cabinet also reaffirmed its support for the private sector and digital platform economy, which have taken a knock from a series of regulatory crackdowns in recent years. During the week-long Lunar New Year holiday that ended on Friday, consumption increased 12.2 per cent from the same period last year, the tax authority said on Saturday, reflecting a rebound after the relaxing of some of the world's tightest COVID-19 curbs.

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