Opinion | China's increasing residents' income to boost consumption is inspiring

China made public a plan on special initiatives to boost consumption on March 16. The plan, issued by the General Office of the Communist Party of China Central Committee and the General Office of the State Council, aims to vigorously boost consumption, stimulate domestic demand across the board and increase purchasing power by raising salaries and easing financial burdens. 

Divided into eight major sections, the plan adopts a holistic approach by simultaneously addressing factors such as income growth, consumption environment improvement and so on.

Liu Chunsheng, an associate professor at the Beijing-based Central University of Finance and Economics, said in an interview with China Youth Daily that the section of increasing residents' income to boost their consumption is very inspiring.

The section of income growth includes improving the minimum wage to promote reasonable wage growth. It also includes expanding property income channels through measures to stabilize the stock market and developing more bond products suitable for individual investors.

Liu noted that this plan is different from China's other consumption growth plan because the plan made increasing residents' income the first sector.

Liu said that the first sector of income growth is the highlight of this plan. He also noted that the first sector includes many ways to increase income, such as promoting reasonable wage growth and expanding property income channels.

Wages serve as the foundational source of livelihood for residents. Liu added that the ways such as improving the minimum wage to promote reasonable wage growth are very pragmatic, and through these ways, consumption can be increased.

Liu added that expanding property income channels is also a pragmatic way to increase consumption. Property income includes many types of investment and the plan offers many ways to guarantee investment channels for individual investors, so the plan is very pragmatic and inspiring.

Liu believes that China's efforts to boost consumption will lay a solid foundation for sustainable and healthy economic growth. (By Guo Xinguan/China Youth Daily)