MNI BRIEF: China To Release Childcare Subsidies, Boost Income
MNI (BEIJING) - Chinese authorities are set to release plans for childcare subsidies, as well as increasing incomes of low-income rural populations, in a bid to boost consumption, Li Chunlin, deputy director of the National Development and Reform Commission, told reporters on Monday.
The central government will allocate CNY66.74 billion employment subsidies, support pension growth, raise public health service level and increase spending on education, so to boost consumers’ spending capacity, said Fu Jinling, director of the Department of Economic Construction of the Ministry of Finance, at the same presser. (See MNI: China Borrowing Plan Keeps Policy Space Given Trade Risks)
The finance ministry will also provide interest subsidies to borrowers from the service business, as well as allocate rewards and subsidies for major cities to facilitate inbound consumption and improve the supply of goods and services for foreigners, said Fu.