The People's Bank of China (PBOC) and five other departments issued the “Guiding Opinions on Financial Support for Revitalizing and Expanding Consumption” introducing 19 measures focusing on key areas and segments of consumption, including support for strengthening consumption capacity and cultivating consumption demand.

The macroeconomic foundation should be strengthened, and consumption expectations should be stabilized, the opinion said. The authorities should increase the support for the real economy, strengthen the synergy between policies such as financial, fiscal and industrial policies.

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The authorities should also implement good monetary policy, strengthen counter-cyclical and cross-cyclical adjustment, comprehensively utilize various monetary policy tools such as reserves and open market operations, maintaining abundant liquidity and continuing to promote the decline of comprehensive social financing costs.

The authorities will implement a sound fiscal policy and better utilize the positive role of consumption in unblocking the national economic cycle and stimulating economic growth, etc..