China is set to ignite its domestic markets this November with a series of nationwide consumption promotion events aimed at boosting domestic demand and stimulating economic growth.
Announced by Vice Minister of Commerce Sheng Qiuping on Friday, the initiative will spotlight five major cities designated as international consumption centers: Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing.
These vibrant urban hubs will host an array of exciting events and promotions, including food festivals, camping experiences, sporting activities, exhibitions, and live performances, all designed to encourage consumer spending and invigorate local economies. To further entice shoppers, local governments will roll out supportive measures such as incentives for new store openings and the distribution of consumer vouchers.
Shanghai, in particular, plans to ride the wave of the 7th China International Import Expo (CIIE)—scheduled from November 5 to 10—by organizing a grand consumption carnival. This festival aims to leverage the international attention on the CIIE to elevate consumer enthusiasm.
Additionally, the Ministry of Commerce will pilot automotive sales reforms and unveil new health consumption action plans. Combined with an ongoing large-scale trade-in program for consumer goods, these measures are anticipated to drive consumer spending and contribute significantly to the country’s economic growth.
According to data from the Ministry of Commerce, China’s total retail sales of consumer goods reached 35.4 trillion yuan (approximately $5 trillion) in the first three quarters of 2024, marking a 3.3 percent year-on-year increase. The trade-in program has shown promising results, with 1.68 million subsidy applications for automobiles and sales of household appliances hitting 24.03 million units as of October 30.
(With input from Xinhua)
Reference(s):
cgtn.com
