China ‘s top leadership unveiled a policy outline on Tuesday that vowed to boost the percentage of household consumption of GDP significantly over the next five years.

The outline follows the unveiling of China ‘s 15th Five-Year Plan last week, which does not include GDP growth targets but emphasizes “an appropriate pace of economic and social development during the period,” Chinese President Xi Jinping said.

The 15th Five-Year Plan, which was announced after the fourth plenum of the 20th Communist Party Congress in Beijing last week, is viewed as a continuation of policy efforts announced last year and does not signal a paradigm shift.

“The meeting explicitly called for continued policy stimulus on boosting consumption, which could imply sustained direct fiscal spending for this i

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