pk-china-user China’s Ministry of Finance has stepped up fiscal support for consumption as part of broader efforts to expand domestic demand and tap into the country’s consumption potential, an official said Friday.
Since the beginning of the year, the ministry has allocated 187.5 billion yuan (around 27.65 billion U.S. dollars) to support consumer goods trade-in programs. These initiatives have facilitated 178 million purchases, generating total sales of approximately 1.32 trillion yuan, according to Vice Minister of Finance Liao Min, who spoke at a press conference.
The ministry has also rolled out coordinated fiscal and financial measures to stimulate domestic demand, offering targeted support to both household consumption and businesses operating in the consumer sector, the official said.
In addition, invoice lottery campaigns introduced in 50 pilot cities have helped boost sales by more than 370 billion yuan, Liao added.
