China to boost consumption subsidies in 2025

China will boost consumption subsidies next year by increasing pensions, supporting medical insurance and expanding the scope of consumer goods swaps, the finance ministry said on Tuesday, aiming to improve people’s livelihoods.

“China will support the basic pension for retirees and urban and rural residents, and raise the subsidy standards for medical insurance for these residents to help boost consumption ‘strongly’,” the ministry said.

China will also increase support for consumer goods swaps for new ones, expand effective investment and continue to support the social dimension through government investment.

Chinese authorities have approved the issuance of 3 trillion yuan ($411.04 billion) in special treasury bonds next year, according to Reuters.