Every year 15 million people join the job market in China and a rich supply of human resources remains China s notable strength, said Chinese Premier Li Qiang, when addressing questions on China’s demographic dividend and employment outlook at a press conference on Monday.
China s retail sales, a major driver of economic growth, trimmed 0.2 percent in 2022 due to the impact of COVID-19, but domestic consumption is expected to rebound this year with improving growth prospects and rising income.
Chinese local governments have moved to hand out consumption vouchers lately to stimulate domestic demand, as stores reopen amid the optimization of COVID-19 responses. Economists expect retail consumption will significantly rebound after the first quarter of 2023.
China on Wednesday revealed a guideline aimed at further expanding domestic demand with the goal to raise the scale of consumption and investment to a new level by 2035, as the country accelerates the building of a “dual circulation” development paradigm to ensure long-term high-quality growth.
New ways are being considered to incentivize workers to remain at their posts or return to work on time as China’s optimized anti-COVID19 measures are expected to boost inter-provincial travel.