China's low-altitude alliance draws over 100 players

June Chen and Bloomberg

More than 100 Chinese companies, enterprises and research institutions have teamed up to form an alliance for the "low-altitude economy" as the mainland turns to new growth drivers besides consumption amid economic headwinds.

They include flying taxi startup Aerofugia, electric vertical take-off and landing player TCab Tech and the state-owned China Post.

Launched in Beijing, the alliance aims to collaborate to promote the implementation of the low-altitude economy across cities in the mainland, create several typical application scenarios, formulate relevant industry rules and build a healthy low-altitude economic and industrial ecology.

Meanwhile, the Global Low-Altitude Economic Forum will be held in Beijing in mid-October, where more than 1,500 local and foreign industry leaders and guests will have discussions on more than 20 topics including aviation vehicles, technical routes, business models, regulatory rules and low-altitude industries.

China's economic growth unexpectedly slowed to the worst pace in five quarters in data released in July, as faltering consumer spending undermined a boom in exports.

That triggered calls for policymakers to unleash government support to help Beijing hit its annual growth goal of about 5 percent for 2024.

Beijing plans to encourage the development of new leisure tourism areas including cruise ships, yachting and the low-altitude economy.

In other news, the government on Saturday laid out its priorities to spur consumer spending as weak domestic demand continues to weigh on growth.

The State Council designated 20 key steps, including exploring the potential to expand basic consumption in areas such as catering, home services and elder care, according to a statement posted on the central government's website.

Under the framework announced on Saturday, the government would enhance financing support to eligible small and micro enterprises in the service industry and implement additional personal income tax deductions to offset the cost of caring for infants and children under three years of age, as well as expenses on education and support for the elderly.