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CN NDRC To Guide Cities with Purchase Limits to Issue Targeted Vehicle Quotas for Carless Families, While Accelerating Unified National Mkt Construction
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In a bid to better leverage domestic demand as the main driver, the focus is on increasing the income of low- and middle-income groups, vigorously boosting consumption, expanding effective investment, and strengthening the domestic circulation, opined Zhao Chenxin, deputy director of China’s National Development and Reform Commission (NDRC). Authorities will prioritize these three areas moving forward. On boosting consumption, the second batch of trade-in subsidies for consumer goods was recently earmarked, with the first two batches totaling over RMB160 billion. Approximately RMB140 billion more will be disbursed subsequently based on regional payment progress. Authorities will establish a childcare subsidy system, introduce a specialized refinancing tool, and increase support for key service consumption sectors and the elderly care industry. Additionally, a targeted consumption stimulus action plan will be implemented with sector-specific measures, and cities with car purchase restrictions will be guided to issue additional vehicle quotas for long-waitlisted families and carless households. On expanding investment, upgrades to industrial software will be included in the “Two New” policy support framework, with accelerated investment in consumption infrastructure and social sectors. A “doubling” action plan for charging facilities will be introduced, and cities with over 3 million urban residents, especially megacities, will be supported in building parking spaces. By June 2025, the full project list for 2025 “Two Major” construction and central budget investments will be finalized. A new policy-based financial tool will address capital woes for project construction. On unclogging circulation, efforts will accelerate to build a unified national market, including a six-month campaign to remove market access barriers and expedite the Private Economy Promotion Law to assist export-oriented companies in tapping domestic markets. In parallel, deeper integration of technological and industrial innovation will be pursued, with a National Venture Capital Guidance Fund established and AI integration promoted across 60 key industries and 700 foundational scenarios. AAStocks Financial News |
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