China to boost consumption with stronger financial support

China on Tuesday unveiled guidelines on ramping up financial support to effectively boost consumption.

The guidelines, jointly issued by six state organs including the People's Bank of China, outline multiple measures targeting key areas of consumption.

The document calls for stronger financial support for both goods and services consumption.

The guidelines propose 19 key measures from six aspects, including supporting the enhancement of consumption capacity, expanding financial supply in the consumption sector and tapping residents' consumption potential.

It is necessary to strengthen the macroeconomic and financial foundation to support employment income growth for residents and cultivate consumption demand, according to the guidelines.

The authorities will reinforce incentives of structural monetary policy tools, increase credit support for key areas of service consumption, and develop diversified financing channels such as bonds and equity.

More will be done to increase financial support in key areas of consumption, innovate financial products based on consumption scenarios, and promote the efficiency of financial services in the consumer sector.

China will further optimize consumer payment services, improve credit system construction in the consumer sector, and enhance the protection of consumer financial rights, according to the guidelines.