China manufacturing base rolls out plan to boost consumption, tourism and industrial output as Beijing seeks strong start to 2024

China, the world's largest manufacturing hub for Apple's iPhone and iPad, has unveiled a comprehensive 17-point action plan to bolster its economy in 2024. The plan aims to stimulate consumer spending, promote tourism, and enhance industrial production.

The central province of Henan, home to the largest assembly line, has announced increased incentives to attract tourists. It will offer a reward of 35,000 yuan (approximately US$5,000) for every incoming tourist train and 65,000 yuan for each chartered plane landing in the first quarter of the year. Additionally, the province has committed to launching 100 key industrial projects by the end of January, funded by government bonds.

China's top leaders have prioritized economic stability and progress, as emphasized at the central economic work conference in December and in President Xi Jinping's New Year's address. With the 2023 gross domestic product growth target of around 5% believed to have been achieved, Beijing is expected to set a similar or higher goal for 2024. The Henan government has also announced rewards for industrial firms that exceed their production targets in the first quarter, and for those achieving a year-on-year operating revenue increase of more than 10%.