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China to incentivize consumption of auto, appliances in 2019

China plans to roll out policies that will encourage and stabilize consumption, particularly of automobiles and home appliances, XinhuaNet reported, citing National Development and Reform Commission Deputy Head Ning Jizhe.

Ning reportedly said the government will push to implement key foreign investment projects, the first batch of which includes Tesla Inc.'s planned gigafactory in Shanghai.

The electric-car maker has opened a tender process to create the facility, where its Model 3 and Model Y cars will be produced. Tesla also built a financial leasing subsidiary in Shanghai to strengthen its position in the Chinese market.

After the first batch of projects, the second group of foreign investments will focus on new energy, the economic head reportedly said.

Ning reportedly added that China also intends to reform its income distribution system and to increase its investments in infrastructure and relocation programs for the poor.