China is now designing an aggressive plan to save its economy by raising wages, stabilizing the stock market and real estate, and offering incentives to couples who want to have children.
The move was announced after the country struggled with deflation and the slowdown in consumer spending since pandemic.
For the first time since President Xi Jinping has powered over a decade ago, recovery of consumption has been the highest priority of the government.
Beijing wants to ensure that the people have more money to spend, adjusting the minimum wage and strengthening investment support to boost the economy.
The market immediately reacted positively to Chinese shares jumping the highest in the two months after the announcement.
Today, all attention is focused on a press conference this Monday, where financial officials will detail the government's strategy hoping that the strategy will bring many benefits to the people.
However, are the people ready to open their wallets, or is this just a government panic that still fails to restore economic confidence?
