China's National Development and Reform Commission (NDRC) recently unveiled a set of measures to bolster consumption and stimulate economic recovery. These measures are also geared towards promoting high-quality economic development within China.

Beijing is actively pushing for increased consumption across various sectors, including new energy vehicles (NEV), household appliances, electronics, ready-to-eat services, and cultural and tourism services. Additionally, the government is focusing on fostering economic growth in rural areas.

Furthermore, the NDRC pledges support for stable housing demand and an improved standard of living, according to its official statement.

The NDRC has introduced a comprehensive package of 20 measures to achieve these goals. Vice Chairman Li Chunchunlin explains that the package is designed to combine policies for a more effective market, improve supply chain efficiency, and encourage the consumption of high-quality goods. The package also emphasizes the importance of promoting developmental innovation.

In a significant move towards economic cooperation, seven agreements worth 12.1 billion yuan (approximately 1.54 billion euros) were signed between the Greater Bay Area of Guangdong-Hong Kong-Macao and the Association of Southeast Asian Nations (ASEAN) in Shenzhen, China.

This signing took place during the Qianhai Forum for China-ASEAN Economic Cooperation, held from July 29-30. The forum focused on key areas such as the development of industrial parks, digital economy, and agricultural sector collaboration.

Organized by the International Chamber of Commerce of the Greater Bay Area in China and ASEAN, along with the think tank for China-ASEAN cooperation, the forum aims to strengthen bilateral economic ties.