China Unveils "Special Action Plan" to Boost Domestic Consumption Amid Economic Challenges

China's State Council introduced a "special action plan" on Sunday, March 16, aimed at stimulating domestic consumption. The plan includes measures to increase residents' income and establish a childcare subsidy scheme. The initiative addresses recent setbacks in consumer demand due to COVID-19 disruptions and a property slump, which have led to decreased household spending and deflationary trends. The plan emphasizes increasing urban and rural incomes, including boosting farmers' incomes through housing reforms. The action plan also proposes stabilizing the stock market, guaranteeing workers' rights and vacation days, and increasing financial subsidy standards for urban and rural residents' basic pensions. Additionally, it suggests boosting tourism by expanding the number of countries whose travelers don't need visas.