China unveils plan to boost domestic consumption

The Chinese State Council Information Office held a press conference on Monday to unveil an action plan aimed at addressing persistently weak consumer demand and helping Beijing achieve its ambitious growth target. The plan focuses on boosting demand by increasing residents' income and reducing their financial burdens. Key proposals include promoting reasonable wage growth. 

Additionally, the plan highlights the allocation of 300 billion yuan from ultra-long-term special government bonds to fund a consumer goods trade-in policy, which was approved during the recent National "Two Sessions" meeting.