NDRC, MEE and MOFCOM Promote Consumption Upgrades

On Jun 6, the National Development and Reform Commission (NDRC), Ministry of Ecology and Environment (MEE), and Ministry of Commerce (MOFCOM) jointly released the Implementation Plan for 2019-2020 on Promoting Consumer Product Upgrades and Resource Recycling.
This policy aims to expand domestic demand and consumption over the next year and to defuse rising Sino-US trade tensions. It mentions strengthening consumption in order to support economic development and promoting the formation of a strong domestic market. This policy demonstrates a strong intention to develop and secure the domestic market as a cornerstone of the Chinese economy.