Mainland officials on Monday said a special action plan to boost consumption,will, for the first time, put an emphasis on the need to stabilise both the stock and property markets.

The Xinhua News Agency said that the action plan – organised into eight sections – aims to promote reasonable wage growth by strengthening employment support in response to economic conditions and to grow incomes through property reform, including in rural areas.

“The plan puts an emphasis on stabilising the stock and property markets, and proposes corresponding measures in a bid to make people feel more confident about consuming, with more stable expectations,” a deputy director of the National Development and Reform Commission, Li Chunlin, told reporters at a press conference in Beijing.

Li said officials have sought to strengthen demand-side policies to stimulate consumption.

"For example, the plan proposes to promote the reasonable growth of wages. This includes supporting enterprises to stabilise employment, and supporting workers to improve their skills.

"[We want to] scientifically and reasonably raise the minimum wage, so that the minimum wage standard can be adjusted on time and in a steady manner."

Mechanisms for stabilising the stock market and the development of financial products for individual investors are also being explored.

Under the plan, financial institutions will be encouraged to issue more personal consumption loans and set reasonable loan limits, terms and interest rates, Xinhua said, adding there are proposals to linking consumer consumption to broader social goals, and potentially raising pension benefits.

Li also pointed out that the central government has doubled to 300 billion yuan the "ultra-long bonds" earmarked for subsidising the public's replacement of goods such as mobile electronic devices, electric cars and electronic home appliances.

The State Council's plan also includes proposals to formulate a childcare subsidy scheme, implement paid annual leave for workers, boost healthcare protection for the elderly, along with other measures.

Meanwhile, official data showed on Monday that new home prices on the mainland dropped 0.1 percent in February. On a year-on-year basis, new home prices fell 4.8 percent, compared with a five percent drop the previous month.

In its annual work report earlier this month, the central government said arresting the protracted slide in the property market was among its major tasks this year. China will also introduce city-specific policies for adjusting homebuying curbs and tap into the potential demand for first homes and better housing, policymakers said.

Beijing is pushing for economic growth of around five percent this year, Premier Li Qiang announced at the opening session of the National People's Congress earlier this month.

The new plan is part of China's drive to make domestic demand the main engine and anchor of its economic growth.
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Last updated: 2025-03-17 HKT 17:19