China taking measures to form strong domestic market

China will further optimize supply to promote stable development of consumption in order to form a strong domestic market.

To satisfy people's mobility needs, the country will take various measures to stimulate automobile consumption, according to a plan released by the National Development and Reform Commission on Monday.

The subsidy structure of new energy automobiles will be optimized to encourage the development of high-tech new energy vehicles.

The country will also accelerate the boom of the second-hand automobile market by reducing value-added tax from 3 to 2 percent for second-hand automobile sellers.

To make up for the shortage of urban consumption supply, China will improve nursery and kindergarten education and strengthen support to pre-kindergarten education.

The country will also improve services for senior citizens by constructing facilities and care centers for the aging population.

To better satisfy high-quality consumption demands, China will expand its supply of high-quality products and services.

China will speed up the launching of 5G commercialization certificates to upgrade information consumption.

The country will also build medium and high-end consumption hubs by renovating pedestrian streets and establishing international consumption centers in key cities.

To provide a good consumption environment, the country will continue to deepen reform of income distribution, fully implementing revised individual income tax law and regulations to increase people's disposable income.