China to enhance fiscal support for consumption next year

China plans to increase fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding trade-in programs for consumer goods, according to a statement from the finance ministry on Tuesday (Dec. 24).

The country will boost the basic pension for retirees and urban and rural residents, in addition to raising the financial subsidy standards for medical insurance for these groups. The ministry emphasized that these measures aim to "vigorously" stimulate consumption, following the conclusion of a two-day national fiscal work conference.

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