China’s Ministry of Commerce announced on Friday that it will introduce a series of consumption promotion events in five major cities starting this November, aiming to boost consumer spending through new policies and initiatives.
Vice Minister of Commerce Sheng Qiuping revealed at a press conference that the upcoming policies are designed to invigorate the debut economy, strengthen the wholesale and retail sectors, and support pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin. The ministry also plans to pilot automotive sales reforms and implement health consumption action plans.
The consumption promotion events are scheduled to commence on Sunday in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing—the nation’s designated international consumption center cities. “These cities play a pivotal role in China’s economy, with their retail sales of consumer goods accounting for over 13 percent of the national total and imports of consumer goods exceeding 50 percent,” Sheng emphasized.
Focusing on the debut economy, these urban centers will host a variety of activities related to shopping, dining, and tourism. Events will include food festivals, camping events, sports activities, exhibitions, and performances. Local governments are set to introduce supportive measures such as incentives for new store openings and the distribution of consumer vouchers to encourage participation.
Sheng noted that the synergy between the promotional events and the new policies is expected to deliver tangible benefits to consumers and invigorate the market. “These initiatives will not only stimulate consumption but also contribute significantly to the overall economic recovery,” he said.
Stimulating consumer spending is a crucial component of China’s strategy to bolster economic growth. This year, the government has implemented various 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 year-on-year increase of 3.3 percent. The trade-in program has been particularly successful, with 1.68 million subsidy applications for automobiles received as of October 30, and sales of household appliances reaching 24.03 million units.
These comprehensive efforts underscore China’s commitment to fostering a robust consumer market and supporting economic development through increased domestic consumption.
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China to introduce new policies in November to boost consumption
cgtn.com
