China's top economic planner pledged on Tuesday that it would roll out policies to 'restore and expand' consumption without delay as consumers' purchasing power remained weak, suggesting an urgency to revive domestic demand.
BEIJING, July 18 - China's top economic planner pledged on Tuesday that it would roll out policies to "restore and expand" consumption without delay as consumers' purchasing power remained weak, suggesting an urgency to revive domestic demand.
Consumers' purchasing power and consumption expectations are relatively weak while infrastructure and consumption environment need to be improved, Jin said. Retail sales, a gauge of consumption, grew 3.1% in June, slowing sharply from a 12.7% jump in May. Analysts had expected a growth of 3.2%.Youth jobless rate climbed to 21.3% in June from 20.8% in May, a new record high, as graduates scrambled for limited offers during the job hunting season.
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