China’s General Administration of Customs said the country has become one of the top three trading partners for 157 economies during the current Five-Year Plan. Head Sun Meijun told a State Council briefing that trade with Belt and Road Initiative participants reached 22 trillion yuan ($3 trillion) in 2024, accounting for more than half of total imports and exports, while the agency signed 519 international cooperation documents to deepen customs links. Building on those results, the Ministry of Commerce announced it will upgrade special customs supervision zones and unveil a package of measures in September aimed at expanding services exports and stimulating service consumption. Officials said the policy mix will include tax and financing incentives and will be detailed around the China International Fair for Trade in Services in Beijing on 10–14 September. At a separate briefing, National Development and Reform Commission spokesperson Li Chao acknowledged that household purchasing power and confidence remain weak and pledged fresh steps to expand domestic circulation. The planner is exploring increased central-government funding for local ‘livelihood’ projects and additional support for private firms to bolster innovation and competitiveness. The policy drive is complemented by a new urban-development blueprint that shifts the focus through 2035 toward liveability and sustainability. State media said the plan prioritises affordable housing, greener public spaces and resilient infrastructure, particularly in smaller cities and counties, underscoring Beijing’s broader push to balance economic growth with improved quality of life.
China’s State Planner Says They Will Further Explore Ways To Boost Support From Central Government To Ease Local Government Funding Pressures For People's Livelihood Projects 📈🇨🇳
China State Planner Spokesperson Says "We Are Aware Companies' Competition Has Intensified" 🇨🇳
China State Planner Spokesperson Says "We Are Aware That Household Consumption Capability And Confidence Needs To Be Improved" 🇨🇳