Sharjah24 - Reuters: In a time of slowing global demand as major economies teeter on the edge of recession, China's cabinet announced on Saturday that it will support a consumption rebound as the main driver of the economy and increase imports.

At a meeting chaired by Premier Li Keqiang, China's state council - which functions as the cabinet - also vowed to speed up the rollout of foreign investment projects, maintain a stable yuan, ease cross-border travel and help companies to participate in domestic and overseas trade shows.

The cabinet also reaffirmed its support for the private sector and digital platform economy, which have taken a knock from a series of regulatory crackdowns in recent years.

It also discussed measures to support farmers to start spring planting, including subsidies for soybean sowing, CCTV reported.

During the week-long Lunar New Year holiday that ended on Friday, consumption increased 12.2% from the same period last year, the tax authority said on Saturday, reflecting a rebound after the relaxing of some of the world's tightest COVID-19 curbs.