A recently released guideline is expected to unleash China's consumption potential as the nation grapples with the COVID-19 epidemic to foster healthier, more sustainable growth for the overall economy, officials and experts said.
The comments came after the General Office of the State Council, China's Cabinet, unveiled a guideline on April 25 focused on boosting consumption as outbreaks continue to take a toll nationally, with a raft of detailed measures to tackle short-term bottlenecks and boost consumption in the long term.
In addition, the guideline highlighted support measures that will address difficulties the catering, retail, tourism and transportation sectors face, including temporary tax breaks and partial deferral of social insurance contributions, with the aim of promoting stable employment and the recovery of consumption.
Local governments have already come up with a raft of preferential policies, including discounted or free tickets to scenic spots during the recent May Day holiday. Moreover, online businesses, as represented by livestreamers and takeout services, were key drivers of holiday consumption.
Meanwhile, amid the impact of COVID-19 related containment measures, 160 million domestic tourist trips generated RMB 64.68 billion ($9.77 billion) in tourism revenue during the holiday, according to the Ministry of Culture and Tourism.
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