South Korea Looks to Stimulate Economy by Boosting Consumption
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South Korea has unveiled a strategy to stimulate economic growth by encouraging consumption as the country showed a gloomy economic assessment.

The country plans to foster five promising export items, including cosmetics, clothing, food and beverage, household items and baby products, all of which are consumer goods.

To boost consumption, the government will also regularize the South Korean version of "Black Friday" in November.

At the same time, the country plans to further ease visa rules for Chinese visitors.

The decision comes as South Korea cut its growth forecast for next year.

South Korea's finance ministry set its growth outlook for next year at 3.1 percent, 0.2 percentage points lower than its earlier estimate.

The ministry also revised down its 2015 growth forecast from 3.1 percent to 2.7 percent.

Outlook for 2016 headline inflation was revised up to 1.5 percent from an earlier estimate of 1.2 percent.

Author： 　　　Source：CRI　　　 Editor：Yang Fan