China vows fresh policy measures to support growth, says its top economic planner

China will work with relevant departments to expand domestic demand with greater force and more effective measures, said its top economic planner on Tuesday.

The National Development and Reform Commission (NDRC) is drafting a new strategic implementation plan to expand domestic demand for the 2026-2030 period and will accelerate its release, Zuo Gang, a senior official at the NDRC in charge of economic planning, said at a press conference in Beijing.

More efforts will be made to vigorously boost consumption, Zuo said.

Zuo specified that the authorities will allocate a greater share of public service spending to fiscal expenditures, strengthen inclusive policies that directly reach consumers, and promote the expansion and upgrading of goods consumption, including new energy vehicles and smart products.

The push comes as consumption shows signs of steady improvement. Total retail sales of goods and services rose 2.6% year-on-year in the first three quarters of 2026, with retail sales of services growing faster than goods and new forms of consumption continuing to emerge, according to official data. Final consumption expenditure contributed more to overall economic growth during the January–September period.

To enhance the effectiveness of existing policies, the NDRC pledged to accelerate the construction of major projects under the 15th Five-Year Plan and the "Six Networks" initiative. The commission will streamline preliminary work for projects not yet under construction, improve approval efficiency, and coordinate the accelerated deployment of new policy-based financial instruments.

In a move to stimulate private investment, China will introduce private capital into major nuclear, hydropower, and water conservancy projects. The NDRC also outlined plans to advance a comprehensive overhaul of aging reservoirs and upgrade high-standard grain warehouses.

On the incremental policy front, the NDRC said it will focus on implementing recently announced measures to ensure they take effect swiftly. These include cutting the interest rate on Pledged Supplementary Lending (PSL), increasing central bank relending quotas, offering subsidies on residential mortgage interest rates, and providing financial support for the services sector.

The planner added that it will strengthen economic monitoring and policy reserves, and is prepared to introduce new stimulus measures as needed to keep the economy operating within a reasonable range.

(With inputs from Xinhua)