The Chinese mainland is set to ignite domestic demand and support economic growth with a series of nationwide consumption promotion events this November. Announced by Vice Minister of Commerce Sheng Qiuping on Friday, the initiative will focus on five major cities recognized as international consumption centers: Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing.
These cities will host a variety of events and promotions, including food festivals, camping activities, sporting events, exhibitions, and performances, all designed to encourage consumer spending. To further stimulate the economy, local governments will introduce supportive measures such as incentives for new store openings and consumer vouchers.
Shanghai, leveraging the momentum of the 7th China International Import Expo (CIIE) scheduled from November 5 to 10, will organize a grand consumption carnival. In addition to these events, the Ministry of Commerce plans to pilot automotive sales reforms and unveil health consumption action plans. These efforts, alongside a large-scale trade-in program for consumer goods, aim to drive consumer spending and contribute significantly to the country's economic growth.
In the first three quarters of 2024, China's total retail sales of consumer goods grew by 3.3 percent year-on-year, reaching 35.4 trillion yuan ($5 trillion). The ongoing trade-in program has been successful, with 1.68 million subsidy applications for automobiles and sales of household appliances reaching 24.03 million units as of October 30, according to data from the Ministry of Commerce.
Reference(s):
cgtn.com
