China plans to 'vigorously boost consumption' to shore up economy

China's government has announced ambitious plans to "vigorously boost consumption" by putting up pay and reducing financial burdens, in its latest attempt to increase consumer confidence and lift its struggling economy. The plans, announced by the ruling Chinese Communist party's (CCP) central committee and state council on Sunday, include aims to "promote reasonable wage growth" and to improve the mechanisms for adjusting the minimum wage. It also proposed bringing in subsidies for childcare (a financial burden cited by young adults as discouraging them from having children), unlocking earnings potential for homeowners, promoting "emerging" markets such as AI-powered products and encouraging…