State reveals 1st steps to lift economy

The State Council, the nation's top administrative authority, said the country will push to boost consumer spending in line with a strategy laid out at the recent Central Economic Work Conference.

The top cabinet will also raise the cost of second-hand house transactions in a move that analysts said is aimed at curbing speculative housing deals that have pushed up prices and created a lot of headaches among buyers.

Another key move was an increase to the purchase tax on small cars to 7.5 percent, from the current 5-percent level, effective until the end of next year.