On Tuesday, China introduced several initiatives designed to enhance services consumption and stimulate its sluggish economy. These measures focus on further liberalizing sectors such as the internet and culture and encouraging the organization of international sports events. Nine government bodies, including the Commerce Ministry, Finance Ministry, and the central bank, collaborated on these plans, which also seek to draw more foreign and private investment into areas like advanced medical care, as reported by Reuters.
The strategy includes utilizing central government funds and local special bonds to finance the development of cultural, tourism, elderly care, childcare, and sports infrastructure. Additionally, monetary policy tools will be leveraged to motivate financial institutions to boost credit availability for service consumption and increase loans to businesses within the sector.
