By: Smartencyclopedia News Desk with Agencies
November 9, 2024
In a bid to strengthen China’s economic resilience and address shifting demographic needs, Premier Li Qiang announced a series of new policy measures on Friday focused on promoting foreign trade and reforming elderly care services. The decisions emerged from a State Council executive meeting aimed at solidifying China’s economic recovery and tackling the challenges posed by an aging population.
The measures for foreign trade underscore China’s commitment to steady growth and resilience amid global market fluctuations. The plan includes enhanced financial support for small- and micro-sized businesses, which are crucial to China’s export ecosystem, and increased access to policy support loans. In addition, China aims to improve cross-border trade settlement systems, enabling enterprises to better manage exchange rate risks and improve liquidity.
To modernize its trade infrastructure, China is investing in cross-border e-commerce and the development of “smart” logistics platforms overseas. These systems, along with the establishment of green trade initiatives and expanded trade opportunities in border regions, reflect China’s strategic pivot toward sustainable, technology-driven economic models. The council also intends to continue negotiations on mutual visa-free treaties with more countries to facilitate international business mobility, further bolstering trade relationships.
The State Council’s focus on elderly care comes at a critical time as China’s aging population grows rapidly, adding urgency to policies that support senior well-being. The council stressed that the new policies aim to ensure a high quality of life for the elderly, particularly those living alone or with limited mobility. Key initiatives include enhanced basic services, such as assisted dining and bathing programs, alongside improved elderly care training for personnel.
In a move to stimulate the domestic economy, China is also encouraging the development of the “silver economy” to tap into the demand for goods and services specifically tailored for the aging demographic. The council noted that strengthening this sector would expand domestic demand, supporting the broader economy while addressing the practical needs of older citizens.
These reforms represent a dual approach to stabilizing growth and catering to an evolving demographic landscape, reinforcing China’s commitment to sustaining its recovery while adapting to social change.