China Pledges More Fiscal Support for Consumption

CHINA PLANS TO boost domestic consumption by offering interest subsidies on loans to households and businesses, aiming to reduce borrowing costs and spur spending, vice finance minister Liao Min has said.

- REUTERS

Economists have long urged Beijing to switch to a consumption-led economic model and rely less on debt-fuelled investment and exports for growth. Pressures from higher US tariffs have heightened calls for a shift in long-term strategy.