Full transcript of policy briefing of the State Council on Jan 16, 2015

Zhu Zhixin:

What should the government do? I think the government should focus on six kinds of consumption.

First is information. We should make great efforts in developing the Internet and the Internet of Things.

Second is green consumption. There is great potential in new-energy cars and other energy-saving products when people pay more attention to environment protection.

Third is stabilizing housing prices. We need more and better affordable housing projects, and meet people's desire for owning their an apartment, which is a reasonable demand.

Fourth is to encourage more tourism. More than 114 million people traveled overseas last year. Demand for domestic tourism also increased greatly. We need to improve the paid-vacation system. Recently, we have been implementing out a project to attract tourists to villages to increase rural residents' income.

Fifth is education, culture and sports. I believe developing these industries will help us unleash a greater consumption force. For example, in some countries, soccer has a great role in encouraging consumption. We need to further develop the market for education, culture and sports.

Sixth is meeting the need of China's aging society and encourage nursing and domestic services for the elderly.

These six kinds of consumption will be our focus in 2015, which, I think, will allow consumption play a much more significant role in economic growth.

Frankly speaking, what the government can do is limited. We need to tap into more of the market's potential, and let the market lead consumption and drive the country's economic growth in a healthy way.