China releases plan to stimulate consumption

China has decided to stimulate domestic consumption in automobiles, household appliances, online shopping and other sectors.

The total earnings of retail and catering companies in China reach 1 trillion yuan during the Spring Festival holiday. [Photo: VCG]

The move is expected to keep the economy stable in the wake of downward economic pressure the country started to face last year.

The plan offers 24 supportive measures in six aspects.

The plan is China's latest move in promoting consumption following last year's release of a guideline on boosting residential consumption and an action plan.

In recent decades, the Chinese economy has shifted from an export and investment-driven model to one led by consumption.