China Comes Up With New Rules For Household Consumption While Battling In Trade War

Forex News

Today, at a meeting of the Central Leading Group for Comprehensively Deepening Reforms, convened by President Xi Jinping, new rules in boosting household consumption were accepted while the trade war with the US staged its first blow. The US evoked Section 301 tariffs on 34 billion dollar of Chinese goods. China said the action is threatening with "largest-scale trade war" and added that retaliation measures are ready.

The meeting concluded that: China should "step up efforts from both the supply and demand side and actively cultivate niche markets within the key consumer sectors," And: "(We should) strengthen consumers' spending capabilities ... to increase the fundamental support consumption provides to economic growth."