Beijing Should Bolster Social Security to Boost Consumption, Researchers Say

As Beijing focuses on spurring domestic consumption amid mounting external pressures, researchers view strengthening its social security system as crucial, with low-income groups and workers hurt by U.S. tariffs key areas to provide support.

“Low- and middle-income groups should be at the core of the efforts in stimulating consumption,” Zhou Hong, a member of the Chinese Academy of Social Sciences (CASS), said at a seminar Saturday. “There are some loopholes in the design of the current social security system, hindering efforts to boost consumer confidence.”