Li Chunlin, deputy director of China’s National Development and Reform Commission (NDRC), has stated that China will promote a sustained recovery and the expansion of consumption.
The NDRC will issue policies to ensure the recovery and expansion of consumption, to stabilize commodity consumption, increase service consumption and expand rural consumption, and also to unleash the potential of individual consumption. Meanwhile, China will foster new growth points of consumption, for instance, vigorously advocating green and new types of consumption, and will support consumption in key areas such as housing improvement, new energy vehicles, elderly care services, education, medical care, culture, health and sports.
Supporting demand for improved housing has been written into the government work report for the first time in 2023, signaling China will boost consumer demand for housing.
The real estate industry is regarded as an important industry to ensure economic development, while, with its steady development, the demand for steel is expected to be bolstered.