China on Tuesday rolled out a series of measures to boost consumption in its counties and smaller cities to revive sluggish domestic demand, which has become a major source of its economic slowdown.
The measures herald a policy shift to boost domestic demand from top cities and tap the potential of vast lower-tier markets as a new source of economic growth, an official announcement here said.
The government calls for upgrading consumption channels in counties, including renovating township commercial centres, rural markets and local fairs.
It includes encouraging domestic and international brands to open regional debut stores and promote the revitalisation of existing land resources to improve services, according to the guideline issued by the Ministry of Commerce.
The lower-tier markets, generally referring to third-tier and smaller cities, counties, townships and rural areas, account for about 70 per cent of China’s population and 60 per cent of total retail sales of consumer …
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