China to promote consumption, investment for recovery



China vows to launch more measures to promote consumption and encourage investment to accelerate its economic recovery, the country's top economic planner said at a press conference on Monday.

Despite main economic indicators showing positive changes, the domestic economic recovery remains fragile and is at a critical juncture, said Meng Wei, spokeswoman for the National Development and Reform Commission (NDRC).

China's economy showed signs of recovery in August with better-than-expected industrial output and retail sales.

Auto sales in August increased by 32.1 percent compared with last year, official data showed.

The NDRC will continue to promote the high-quality development of the new energy vehicles (NEVs) industry, including improving policies, industrial structure, competitiveness and global cooperation.

China's State Council unveiled 300 billion yuan ($43 billion) of policy-backed and development-oriented financial instruments for specific projects at the end of June.

In late August, China announced another 300 billion yuan in quotas for infrastructure spending and investments by banks to further stimulate the economy.

The NDRC said it would push forward the use of these financial tools and encourage projects to start construction.

The planner also vowed to speed up the introduction of the Catalogue of Encouraged Industries for Foreign Investment (2022 edition), aimed at guiding foreign investments to specific industries, including advanced manufacturing, high technology and modern services.