China has vowed to increase household wealth, boost the stock and property markets and funding for artificial intelligence (AI), under a 30-point action plan to stimulate consumption released on Sunday.
The action plan was jointly released by the general office of the ruling Communist Party’s Central Committee, and the State Council, China’s cabinet.
The measures include some already announced by various departments and underline the urgency of boosting sentiment to consolidate economic growth.
Authorities will promote “reasonable growth of wage income”, according to a full text of the 30-point plan released by Xinhua.
This will include boosting employment and raising the minimum wage – something almost half of the country’s provincial governments did last year – as well as strictly enforcing the paid annual leave system.
The plan also pledges investment, fiscal and credit support from the government to boost consumption, while reiterating that Beijing will push for the property market to “stabilise and reverse its decline” and “take multiple measures to stabilise the stock market”.