Consumer spending is what China needs now: Wen Jiabao
(NEWSER) - China's premier today called on his countrymen to spend big to boost the national economy because international markets aren't up to the job. "Expanding domestic demand, particularly consumer demand, is essential to ensuring China's long-term, robust economic development, and is the focus of our economic work this year," Premier Wen Jiabao told the National People's Congress. To that end, Wen pledged greater support for health care, social security, jobs programs, and public housing to put more money in people's pockets, reports AP . The government will also back more paid vacations and greater consumer credit, he vowed. His address underscores a new government concentration on bolstering consumer spending in China rather than a focus on exports and low-cost labor. More»
