Information consumption has become a new engine for China’s economy, playing a vital role in d
riving domestic demand, creating jobs and pushing forward industrial upgrades, People’s Daily reported.
Last year, China’s information consumption rose 11 percent year-on-year to
5 trillion yuan ($745.39 billion), accounting for 6 percent of the GDP, according to the Internet Society of China.
To further boost information consumption, the Ministry of Industry and Inform
ation Technology and the National Development and Reform Commission unveiled an action plan in August.
According to the plan, by 2020, China’s spending on information consum
ption is expected to be 6 trillion yuan, with average annual growth of more than 11 perce
nt. Information technology is estimated to drive 15 trillion yuan in related consumption.
China’s Ministry of Finance Saturday announced a favorable tax policy for overseas talent working in the Guangdong-Hong Kong-Macao Greater Bay Area.
Based on the individual income tax differentials between the Chinese mainland and Ho
ng Kong, overseas high-end talent and professionals in short supply that work in the Greater Bay Area will
get subsidies from Guangdong province and Shenzhen municipality to offset the differentials, according to the MOF.
The subsidies will be exempt from paying individual income tax.
The policy, effective from January 2019 to the end of 2023, applies to nine cities in Guangdon
g — Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, the ministry said.
Mengniu Dairy Co Ltd, China’s major dairy maker based in Inner Mo
ngolia, said high-end dairy products tailored to local preferences will be a leading future tren
d in China’s dairy industry, to meet the increasingly diversified demand from quality-conscious consumers.
The dairy maker said it has witnessed remarkable growth in sales of its yogurt, low-temperature milk and cheese produ
cts in the past few years. Products with high added value in terms of flavor, nutrition, packaging and convenience are fav
ored by Chinese consumers, spurred by growing incomes and purchasing power, the company found.
For example, the popularity of Tetra Pak’s eight-sided packaging, which is easy to hold, and boxed dairy products that c
an be consumed directly from the pack, show the demand for more convenient products from consumers.