{"id":70988,"date":"2025-08-15T19:53:09","date_gmt":"2025-08-15T19:53:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/70988\/"},"modified":"2025-08-15T19:53:09","modified_gmt":"2025-08-15T19:53:09","slug":"china-told-to-remove-purchase-restrictions-set-mandatory-targets-to-spur-consumption","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/70988\/","title":{"rendered":"China told to remove purchase restrictions, set mandatory targets to spur consumption"},"content":{"rendered":"<p>A high-level Chinese official has called for easing property and other market restrictions to boost spending among the wealthy, as Beijing <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3318450\/actionable-results-new-ideas-needed-boost-chinas-consumption-no-4-official-says?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">steps up efforts<\/a> to stimulate consumption amid deflationary pressures.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">\u201cLet the rich spend. This is the most direct [approach],\u201d said Yin Yanlin, who was deputy director at the Office of the Central Financial and Economic Affairs Commission, a party organ overseeing economic policy, from 2018 to 2023.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Yin, now a senior economic adviser in the Chinese People\u2019s Political Consultative Conference, made the comments at a Peking University organised seminar on Thursday, where he outlined the challenges of deepening reform.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Spending by affluent groups can drive market demand and generate income growth, setting off a positive cycle, he said. One of the most important tools to boost consumption lies in removing restrictions, such as those on property and vehicle purchases.<\/p>\n<p>Major Chinese cities have relaxed home-purchase restrictions in recent years to support their struggling property markets. Even the capital Beijing, long known for its caution, <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/business\/article\/3321434\/china-property-shanghai-shenzhen-could-drop-buying-curbs-after-surprise-beijing-move?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">further eased controls<\/a> in its outlying districts last week.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Yin said certain restrictions have constrained diversified consumption and weakened domestic demand. Income levels are not the main impediment, he stressed, noting that the country\u2019s savings have been rising.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">In the first seven months of 2025, savings in China increased by over 18.4 trillion yuan, including nearly 9.7 trillion yuan (US$1.35 trillion) from households, according to central bank data.<\/p>\n","protected":false},"excerpt":{"rendered":"A high-level Chinese official has called for easing property and other market restrictions to boost spending among the&hellip;\n","protected":false},"author":2,"featured_media":70989,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,3686,99,512,55769,55771,55773,55766,164,17119,55770,55767,29346,55772,11151,55768],"class_list":["post-70988","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-beijing","tag-business","tag-china","tag-chinese-academy-of-fiscal-sciences","tag-chinese-peoples-political-consultative-conference","tag-deflationary-pressures","tag-economic-affairs-committee","tag-economy","tag-gdp","tag-liu-shangxi","tag-lu-feng","tag-morgan-stanley","tag-peking-university","tag-property-market","tag-yin-yanlin"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/70988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=70988"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/70988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/70989"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=70988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=70988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=70988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}