Windhoek: China's Ministry of Industry and Information Technology, along with five other departments, has unveiled an action plan aimed at aligning supply and demand within the consumer goods market to stimulate consumption more effectively. This ambitious plan sets a framework for optimizing the supply structure of consumer goods by 2027, targeting the creation of three sectors, each worth three trillion yuan (approximately 141.25 billion U.S. dollars), and establishing ten consumption hotspots, each valued at 100 billion yuan. Additionally, the plan anticipates a steady increase in the contribution rate of consumption to economic growth by 2030.

According to Namibia Press Agency, the action plan details 19 key tasks, including enhancing the synergy through artificial intelligence, cultivating novel consumption scenarios, and bolstering fiscal and financial support. These measures are designed to expand the supply of specialized and innovative products, with a focus on promoting green products, upgrading rural consumer goods, and developing leisure and sports products.

Furthermore, the plan highlights the importance of catering to diverse consumer needs by enriching the supply of infant and child products, expanding fashionable and trendy items, and optimizing elderly-friendly products. This inclusive approach aims to match the varied requirements of different demographic groups within China.

The ministry, in collaboration with related departments, will guide local authorities and industry associations in executing the plan's objectives. The overarching goal is to unlock China's consumption potential, driving economic growth through enhanced consumer engagement and satisfaction.