China establishing more advanced consumer goods sector

Realizing consumer goods are an essential ingredient in the restructuring of China’s economy, the government said it plans to establish a more advanced consumer goods sector within two years.

Chinese shoppers

Chinese shoppers

“Developing consumer goods, improving product quality, nurturing brands and increasing product variety, these are demands from the market, especially when China’s economy has entered a certain stage,” Premier Li Keqiang said Wednesday in a State Council meeting.

He added that it seeks to help more domestic brands achieve a global reputation to increase sales.

This is a major step in the government’s attempt to move the economy away from exports and heavy industry to supply-side structural reform, which will encourage the consumer goods sector to nurture innovative products with more variety, which will better satisfy consumer demands.

“The upcoming moves should be dominated by the market, and the government should clarify access based on market and consumer demand, and help build a good environment for enterprises,” Li said.

The new project is expected to be carried out from 2016 to 2018. During that time more varieties of higher-end consumer goods will be available to consumers. Enterprises will be encouraged to spend more on research and development and take steps to enhance product design.

The project also encourages nurturing more products with a greater input of intelligence and expertise, as well as Chinese features.

The project, moreover, encourages major consumer goods producers to meet international standards. Such efforts will be carried out in nine types of consumer goods, in particular, domestic appliances, watches, bicycles, goods for daily consumption, food as well as products in the culture and sports sectors.



Categories: Asia Unhedged, China

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