China’s unorthodox plan to boost economy

China has unveiled a plan to boost economic growth by stimulating consumerism in the country. The plan includes provisions for increasing wages and income, as well as creating tourism hotspots in snow-bound regions.

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The plan was announced by the General Office of the Communist Party of China Central Committee and the Central Office of the State Council, the Cabinet. The details have not yet been revealed as to how much the wage increases would be, and how much would be spent on creating the tourism centers.

There is a mention of asking companies to provide for annual leave and vacationing for the workers and their families. So far, China had been focused on export growth. Its economic growth over the decades had been predicated on exports and also savings. But the emphasis has completely shifted to consumption-based economic growth.