Premier announces changes in spending priorities, aiming to boost consumption, but doubts remain whether resources will match ambitions
China will allocate more of its fiscal spending this year towards human capital and social safety nets, as Beijing seeks to boost domestic demand and unlock new growth through “investing in people”.
Unlike Western strategies that prioritise tax cuts for the wealthy to drive growth, China is emphasising the need to improve public well-being, with specific targets now enshrined in policy road maps.
In his report, the premier vowed to increase inputs in areas closely related to human development. These include formulating and implementing plans to boost residents’ incomes; rolling out more supportive and friendly policies for childbearing; expanding support for senior care; and launching large-scale vocational skills training programmes.
Beijing has set seven livelihood-related goals among its 20 numerical targets for the five years, according to the full text of the 15th five-year plan released the same day. The plan guides China’s policy priorities from 2026 to 2030.
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Source: News - South China Morning Post
