China has announced a $41 billion plan to boost domestic consumption, aiming to revitalize its economy amid slowing growth. The plan includes subsidies for consumer goods, tax incentives for businesses, and investments in infrastructure to support retail and e-commerce sectors.

“This is just the beginning of our efforts to stimulate domestic demand,” said a government spokesperson. “We are committed to ensuring sustainable economic growth and improving the quality of life for our citizens.”

The move comes as China faces challenges such as weak consumer confidence and declining exports. Analysts say the plan could provide a much-needed boost to the economy, but warn that long-term reforms will be necessary to address structural issues.

The announcement has been welcomed by businesses and consumers alike, with many hoping that the measures will lead to increased spending and economic activity. However, some experts caution that the plan’s success will depend on effective implementation and continued government support.