Beijing, China – China's commerce ministry and financial regulators are urging local authorities to strengthen coordination between business and financial systems with the goal of stimulating consumer spending, according to a joint statement released Sunday.

The statement, issued jointly, highlights a strategic push to encourage greater collaboration between businesses and financial institutions. The aim is to create a more favorable environment for consumption, a key driver of China's economic growth.

While the specific measures local authorities are expected to implement were not detailed in the statement, the emphasis on coordination suggests efforts to streamline access to financing for businesses and to encourage consumer confidence through targeted initiatives. The commerce ministry and financial regulators likely intend to oversee this process, ensuring alignment with broader economic goals.

China has been facing economic headwinds recently, with slowing growth and concerns about consumer demand. Boosting consumption is seen as a crucial step to revitalize the economy and achieve its growth targets. This call for greater coordination represents a key policy response to these challenges, aiming to unlock pent-up consumer spending and support business activity.