China pledges measures to boost domestic consumption in 2024

BEIJING/ JAKARTA  -  China will introduce a raft of mea­sures, such as stimulating purchases of vehicles and household appliances, to boost consumption this year, a com­merce ministry official said Tuesday.

“Automobiles, household appliances and home furnishing are the focus of traditional consumption and are closely related to people’s lives,” Vice Minister of Commerce Sheng Qiuping told a press conference. China will work to promote vehicle trade-ins this year due to the great demand among people and the potential for replacement, Sheng said.

Last year, China’s new car sales ex­ceeded 30 million units for the first time, up 12 percent year on year. The country’s second-hand car trading volume reached 18.41 million units in 2023, an increase of nearly 15 per­cent. Car ownership has reached 340 million in China, ranking first in the world, according to the vice minister.


China’s securities regulator on Tuesday announced an array of measures aimed at encouraging the merger, acquisition and restructuring among listed companies. These mea­sures include enhancing the inclu­siveness in pricing restructuring and diversifying the methods for oversee­ing performance commitments, said the China Securities Regulatory Com­mission (CSRC). Industry leaders with high market values will enjoy a fast-tracked approval process, enabling them to acquire quality assets more efficiently, according to the CSRC.

For startups and innovative com­panies, the mergers and acquisitions will be particularly supported within their respective sectors or industrial chains, the CSRC said. Efforts are also underway to explore approaches to delisting and ramp up the crackdown on financial irregularities, the regu­latory commission said.


China’s Chery, a leading automaker, launched here on Monday its new electric vehicle (EV) model OMODA E5, a move that will help expand its business in the Indonesian market. “Chery OMODA E5 is a real symbol of the fusion of technological innova­tion, futuristic design and ecological awareness through sustainable mo­bility. By bringing this technological innovation, we want to invite various parties to jointly contribute to cre­ating a better environment through sustainable mobility with Chery OM­ODA E5,” said Rifkie Setiawan, head of Brand Department PT Chery Sales Indonesia, at the launching ceremony.

According to Qu Jizong, executive vice president of PT Chery Sales In­donesia, Chery OMODA E5 is avail­able on the Indonesian market at 498.8 million rupiah (31,800 U.S. dollars). In his remarks via video link, Indonesia’s Coordinating Min­ister for Economic Affairs Airlangga Hartarto said that the government appreciated Chery for reaching a 40-percent local production. “We push for Chery to be a brand that can support our domestic market, so that Indonesia can benefit from de­veloping EV batteries here. And the government encourages the com­mitment of Chery to keep invest­ing and increasing local content in Chery products,” Hartarto said.

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