If implemented successfully, the strategy will assist China's economy move to a consumption-driven development model, according to Lynn Song, ING's senior economist.
"The direction looks positive, but implementation is everything. It's far from certain that these measures will be sufficient to propel consumer confidence back to healthy levels," he said.
Per National Bureau of Statistics, China's retail sales increased by only 3.5% last year compared to 2023.
The growth rate accelerated to 4% in the first two months of 2025.