China will roll out a series of consumption promotion events in five major cities this November, alongside new policies aimed at boosting consumer spending, Vice Minister of Commerce Sheng Qiuping announced on Friday.
The initiatives seek to strengthen the debut economy, enhance the wholesale and retail sectors, and support pilot projects for modern commercial circulation across 20 cities, including Shanghai and Tianjin.
In addition, the ministry will pilot reforms in automotive sales and introduce health consumption action plans to further stimulate the market.
The consumption promotion events are set to kick off on Sunday in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing, designated as China’s international consumption center cities.
Vice Minister Sheng emphasized that these cities account for over 13% of the nation’s retail sales of consumer goods, with consumer goods imports exceeding 50%.
Throughout the events, a variety of activities related to shopping, dining, and tourism will take place, including food festivals, camping events, sporting activities, exhibitions, and performances. Local governments will support these initiatives with incentives such as consumer vouchers and support for new store openings.
Sheng highlighted that these events, combined with the new policies, will create a synergistic effect, delivering tangible benefits to consumers.
Stimulating consumption remains a crucial component of China’s strategy for economic recovery. This year, the government has already implemented measures to expand domestic demand, including a large-scale trade-in program for consumer goods.
In the first three quarters of 2024, China’s total retail sales of consumer goods reached 35.4 trillion yuan ($5 trillion), marking a 3.3% year-on-year increase. The trade-in program has seen 1.68 million subsidy applications for automobiles as of October 30, and household appliance sales have reached 24.03 million units.
Reference(s):
China to introduce new policies in November to boost consumption
cgtn.com
