China to free up trade barriers to boost consumption

China will speed up reforms to remove internal barriers to foreign and domestic trade in a bid to boost domestic consumption. The cabinet outlined plans to increase economic activity across various sectors after GDP figures slumped in the third quarter of this year. International and domestic investors will have more access to China’s economy as the country looks to ‘’eliminate hidden administrative monopolies’’ and review some of its policies. China also aims to accelerate changes to the residence registration system to unleash the spending power of the country’s rural population. Improvements to internet infrastructure and e-commerce logistics are also in the plans, particularly for the retail sector.