Beijing unveils 24 measures to boost consumption

Beijing on Thursday announced a comprehensive action plan with 24 measures aimed at driving consumption and enhancing the city's role as an international consumption center.

By 2030, Beijing targets an average annual consumption growth rate of about 5% and plans to build two to three major integrated commercial landmarks with annual sales exceeding 100 billion yuan ($13.94 billion).

The plan places income growth at the core of consumption expansion. Measures include promoting reasonable wage increases, implementing an employment-first strategy to support job creation, and establishing a more dynamic minimum wage adjustment mechanism.

To make it easier to purchase housing, the plan introduces reforms to housing provident fund policies. Buyers will be allowed to withdraw provident fund balances directly for home down payments, while new regulations will be developed to enable second-hand home transactions with existing mortgages to be settled via provident fund loans, streamlining the process for both buyers and sellers.

In the automotive sector, Beijing will optimize the allocation of license plate quotas to better serve family demand for vehicles, strengthen second-hand vehicle trading platforms, and simplify cross-regional transactions.

Emerging trends like anime, collectibles, and youth culture, known locally as the "Guzi Economy," will receive policy support. The city also plans to develop a "Future Beauty City" by attracting cosmetic and medical aesthetic business. 

Beijing is also expanding online healthcare services. As of June, 307 local medical institutions offered online services. A total of 1.11 million online consultations were recorded in the first half of this year, up 45% year on year. 

New tourism projects, including the second phase of Universal Studios and cultural routes along the Great Wall and the Grand Canal, will further enrich leisure options. Public spaces and old venues will be revitalized to create more vibrant commercial areas.

Beijing will boost consumption around its two main airports. Plans include building a world-class shopping and tourism complex near Beijing Daxing International Airport and turning the airports into gateways for foreign shoppers.

Duty-free shops will offer more premium Chinese goods, and cross-border e-commerce will be expanded, making it easier for shoppers to buy online and pick up in person.

In addition, the city will promote greater use of Olympic venues and major sports events to stimulate spending. A series of premium international and domestic sporting events will be held to drive sports-related consumption, according to the plan.