Shenzhen, China’s top city for exports and leading tech hub, is stepping up efforts to boost domestic consumption and support exporters amid ongoing challenges from the US-China trade war.
“Consumption is the fundamental driving force behind economic growth and development,” city authorities said in a 39-point plan released by the Shenzhen Municipal Development and Reform Commission on Friday.
Under the plan, Shenzhen will leverage its strategic strengths in four key categories: artificial intelligence (AI) terminals, smart home systems, modern fashion, and outdoor equipment. It will also make good use of trade exhibitions and other resources to “help enterprises better respond to tariffs”.
China’s consumption market has shown gradual improvement but requires further impetus, especially with external demand under pressure due to US President Donald Trump’s tariff war.
At a meeting of the Politburo in late April – a Communist Party conclave that typically sets the tone for economic work in the second quarter – the high-level political body vowed to “resolutely focus on doing our business, steadfastly expand high-level opening up and focus on stabilising employment, businesses, markets, and expectations”.
The state-owned Economic Daily, in a commentary published on Sunday under the pen name Jin Guanping, emphasised that establishing long-term mechanisms to promote consumption was crucial given that it was a key driver of economic growth.
