China steps up fiscal support to boost consumption: official

BEIJING, Aug. 21 (Xinhua) -- China's Ministry of Finance has strengthened fiscal support for consumption as part of the country's efforts to expand domestic demand and unlock consumption potential, an official said Friday.

So far this year, the ministry has allocated 187.5 billion yuan (about 27.65 billion U.S. dollars) to support consumer goods trade-in programs, helping generate 178 million purchases with a combined sales of approximately 1.32 trillion yuan, said Liao Min, vice minister of finance, at a press conference.

The ministry has also introduced coordinated fiscal and financial policies to boost domestic demand, providing targeted support for household consumption and businesses in the consumer sector, the official said.

Meanwhile, invoice lottery campaigns have been launched in 50 pilot cities, driving more than 370 billion yuan in sales, he added.