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China to introduce policies to strengthen domestic consumption - state media

China to introduce policies to strengthen domestic consumption - state media
FILE PHOTO: Dealers and customers are seen next to cars at a SAIC-GM-Wuling Baojun dealership in Pingdingshan, Henan province, China November 15, 2018. REUTERS/Yilei Sun   -   Copyright  YILEI SUN(Reuters)
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SINGAPORE (Reuters) – China plans to introduce policies to boost domestic spending on items such as autos and home appliances this year, state television CCTV quoted a senior state planning official as saying on Tuesday.

Ning Jizhe, vice chairman of National Development and Reform Commission (NDRC), said in an interview with CCTV that the policies will be part of wider efforts to strengthen domestic consumption in China, the world’s second largest economy.

The state planner will also introduce policies in house leasing and services, as well as elderly and child care, with plans to also lower investment barriers in other sectors such as culture and sports.

The news helped to lift shares in Europe’s auto makers, traders said, with the autos sector index <.SXAP> rising 2.7 percent.

China, the world’s biggest car market, expects to sell 28 million vehicles in 2019, roughly level with 2018, the Association of Automobile Manufacturers said in December.

China imported about 1.03 million cars last year, down 6.8 percent from a year earlier, latest figures from the association showed.

(Reporting by Lee Chyen Yee in Singapore, editing by Louise Heavens)

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