Overview

• Beijing has expanded ultra-long sovereign debt issuance to 300 billion yuan, directing over half of the proceeds this year to subsidies for electronics, home appliances and vehicle purchases.
• Commerce Minister Wang Wentao forecasts retail sales will exceed 50 trillion yuan in 2025 after unveiling new measures to invigorate both goods and services consumption.
• Government advisers are finalizing proposals to enshrine household spending targets in China’s 2026-2030 five-year plan to strengthen the domestic demand foundation.
• Finance Vice-Minister Liao Min highlighted that consumption accounted for more than half of GDP gains over the past four years, underscoring the shift away from export reliance.
• Rising deflationary pressures have prompted discussions on raising wages and expanding unemployment insurance to support consumer purchasing power.