China Outlines Strategies to Boost Consumption and Enhance Social Security in Upcoming Five-Year Plan

Published: Aug 21, 2026 13:51 (GMT+8)

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On August 21, Liao Min, Vice Minister of Finance, said at a press conference held by the State Council Information Office that the 15th Five-Year Plan for Expanding Consumption proposes focusing on enhancing consumption capacity, promoting high-quality and full employment, increasing residents’ income through multiple channels, improving social security policies, and reasonably increasing public consumption. Next, the Ministry of Finance will, in line with the plan, systematically formulate strategic measures to enhance residents’ consumption capacity, focusing on requirements in areas such as employment, income growth, and social security. In the short term, the main focus is to fully leverage the effectiveness of current policies, promote faster and better implementation of policy measures, and increase people’s sense of gain. Over the medium and long term, the main focus remains on continuously enhancing social security capacity, deepening reform of the income distribution system, strengthening redistribution adjustments such as taxation and transfer payments, and steadily consolidating the foundation for residents to be able, willing, and confident to consume, thereby releasing the endogenous momentum of China’s vast consumer market.

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