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China’s top export city and tech hub, Shenzhen, is stepping up efforts to boost domestic consumption and support exporters amid a turbulent trade war between Beijing and Washington.
“Consumption is the fundamental driving force behind economic growth and development,” according to a 39-point plan released by the Shenzhen Municipal Development and Reform Commission on Friday.
Shenzhen will leverage its strategic strengths in four key categories: artificial intelligence (AI) terminals, smart home systems, modern fashion, and outdoor equipment. The city will make good use of trade exhibitions and other resources to “help enterprises better respond to tariffs”, according to the document.
China’s consumption market has shown gradual improvement but still requires further stimulation, especially as external demand is under pressure due to US President Donald Trump’s tariff war.
At a meeting of the country’s Politburo in late April – a Communist Party conclave that typically sets the tone for economic work in the second quarter – the high-level political body vowed to “resolutely focus on doing our business, steadfastly expand high-level opening up and focus on stabilising employment, businesses, markets, and expectations”.
Consumption is a key driver of economic growth, and establishing long-term mechanisms to promote consumption is crucial, according to a commentary published under the pen name Jin Guanping in the state-owned Economic Daily on Sunday.
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