New round of stimulus steps anticipated

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Noting that the broader economy is still facing pressures from a harsher external environment and still-weak domestic demand, Sun Xuegong, director of the department of policy study and consultation at the Chinese Academy of Macroeconomic Research, said that policymakers will likely introduce a package of stimulus measures aimed at boosting market confidence and stabilizing expectations. The academy is part of the National Development and Reform Commission, the country's top economic regulator.

As authorities pledged to implement extraordinary countercyclical policies this year, Sun highlighted the need to expand fiscal expenditure, with policy focus shifting to spurring consumption.

"We need a comprehensive policy mix to boost consumption," Sun said in an interview with China Daily. "The government has already announced raising the pension level and providing subsidies to the low-income group. And this year, the country will extend the program of trade-in deals for consumer goods and expand the scope to more fields of consumption."

With a series of existing policies taking effect gradually and more supportive measures in the pipeline, Sun said he expects to see a pickup in consumption.

At a study session held last week by the State Council, China's Cabinet, Premier Li Qiang emphasized boosting consumption and improving people's livelihoods through stronger and more targeted measures, in a bid to strengthen the fundamental role of consumption in driving economic development.

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