China unveils economic plan to counter Trump tariffs

China has announced a new plan to boost its economy amid challenges from U.S. tariffs. The initiatives aim to increase domestic spending through higher pensions, better medical benefits, and wage increases, but local governments, already in debt, will implement many of these measures. The plan comes as China's economy seeks to reduce reliance on trade surpluses, which reached nearly $1 trillion last year. Despite a strong manufacturing sector, consumer spending remains weak, with retail sales rising only 4% in early 2025. Local governments are tasked with stabilizing the stock and real estate markets, which have suffered from falling property prices. However, the plan lacks new funding from the national government to support these local efforts.