MK socks Hangzhou, east China's Zhejiang Province, Oct. 31, 2024. (Xinhua/Xu Yu)" src="https://www.globaltimes.cn/Portals/0/attachment/2025/2025-02-24/3cd08ff0-03dc-425e-8920-a874879babc2.jpeg" />

Customers apply for trade-in subsidy from the government at a cashier in Fuyang, Hangzhou, east China's Zhejiang Province, Oct. 31, 2024. (Xinhua/Xu Yu)

China will launch special initiatives to boost consumption in 2025, including issuing ultra-long special treasury bonds of 300 billion yuan ($42 billion) to support consumer goods trade-in programs, according to the Government Work Report submitted Wednesday to the national legislature for deliberation.

We will adopt special measures to increase spending power, boost the supply of quality products and services, and improve the consumption environment in order to tap the potential of diversified, differentiated spending and promote consumption upgrading, said Chinese Premier Li Qiang as he delivered the Government Work Report to the national legislature, which began its annual session on Wednesday morning.
 
We will promote personal income growth through a variety of avenues, increase the earnings of low-and middle-income groups and reduce their financial burdens, and improve the mechanisms for regular pay increase, Li said.
 
Ultra-long special treasury bonds totaling 300 billion yuan will be issued to support consumer goods-trade in programs. Efforts will be made to increase the diversified supply of health, elderly care, childcare, and domestic services by expanding access, reducing restrictions, and improve supervision in these sectors.

Efforts will be made to accelerate the growth of digital, green, smart, and other new types of consumption and unlock consumption potential in culture, tourism, sports, and other sectors.
 
Policies on duty-free shops will be refined to expand inbound consumption. A number of cities will be turned into international consumption centers. More will be done to protect the rights and interests of consumers and create a safe and reassuring environment for them, according to the Government Work Report.

Global Times