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China aims to increase consumption and imports as global demand slows down"

China's state council, which functions as the cabinet, announced on Saturday that it would promote a consumption recovery as the major driver of the economy, and boost imports.

This comes at a time when global demand is cooling as major economies teeter on the brink of recession. The council also reaffirmed its support for the private sector and digital platform economy, which have taken a knock from a series of regulatory crackdowns in recent years.

During the week-long Lunar New Year holiday that ended on Friday, consumption increased 12.2% from the same period last year, the tax authority said on Saturday, reflecting a rebound after the relaxing of some of the world's tightest COVID-19 curbs. The cabinet also vowed to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel, and help companies to participate in domestic and overseas trade shows. Additionally, they discussed measures to support farmers to start spring planting, including subsidies for soybean sowing.

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