China's leaders focus on boosting domestic consumption to revive economy

China's Communist Party leaders have announced a strong focus on boosting domestic consumption as the country's top economic priority. This decision was made during the Central Economic Work Conference, where they also pledged to increase the fiscal deficit and issue more special bonds. The leaders plan to lower interest rates and reduce bank reserve requirements at an appropriate time. This shift follows a recent change to a "moderately loose" monetary policy, as the economy has struggled with low consumer spending and potential deflation. Despite these pledges, analysts express concerns over the lack of specific details on how consumption will be stimulated. Stock futures for major Chinese companies fell after the announcement, indicating investor uncertainty about the effectiveness of the proposed measures.