China launches special initiatives to boost consumption and raise incomes

China has vowed to revive consumption by raising people’s incomes as a key driver of economic growth, the official Xinhua News Agency reported on Sunday. 

Other measures include stabilizing the stock and property markets, and offering incentives to increase the country’s birth rate, as the government seeks to alleviate the deflationary pressures afflicting the economy. This will include boosting employment and raising the minimum wage as well as strictly enforcing the paid annual leave system. 

Market reaction 

At the time of writing, the AUD/USD pair is trading 0.09% higher on the day to trade at 0.6329.