China initiates consumer spending promotion activities in November
In November, China will initiate a variety of nationwide events to promote consumption, with the goal of stimulating domestic demand and fostering economic growth.
TroibNews 
China plans to launch a series of nationwide consumption promotion events in November, aimed at stimulating domestic demand and fostering economic growth.
This initiative, revealed by Vice Minister of Commerce Sheng Qiuping on Friday, will target five major cities recognized as international consumption centers: Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing.
These cities are set to host an array of events and promotions, featuring food festivals, camping activities, sporting events, exhibitions, and performances to encourage consumer spending. Additionally, local governments will implement supportive measures such as incentives for new store openings and consumer vouchers.
Shanghai will leverage the excitement of the 7th China International Import Expo by organizing a consumption carnival, which will take place from November 5 to 10.
Sheng indicated that the ministry will also initiate reforms in automotive sales and introduce health consumption action plans. Alongside a broad trade-in program already underway for consumer goods, these efforts are anticipated to boost consumer spending and further enhance the country’s economic growth.
In the first three quarters of 2024, China's total retail sales of consumer goods saw a year-on-year increase of 3.3 percent, reaching 35.4 trillion yuan. The trade-in program has demonstrated positive outcomes, with 1.68 million subsidy applications for automobiles and household appliance sales hitting 24.03 million units as of October 30, according to data from the Ministry of Commerce.
James del Carmen contributed to this report for TROIB News
This initiative, revealed by Vice Minister of Commerce Sheng Qiuping on Friday, will target five major cities recognized as international consumption centers: Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing.
These cities are set to host an array of events and promotions, featuring food festivals, camping activities, sporting events, exhibitions, and performances to encourage consumer spending. Additionally, local governments will implement supportive measures such as incentives for new store openings and consumer vouchers.
Shanghai will leverage the excitement of the 7th China International Import Expo by organizing a consumption carnival, which will take place from November 5 to 10.
Sheng indicated that the ministry will also initiate reforms in automotive sales and introduce health consumption action plans. Alongside a broad trade-in program already underway for consumer goods, these efforts are anticipated to boost consumer spending and further enhance the country’s economic growth.
In the first three quarters of 2024, China's total retail sales of consumer goods saw a year-on-year increase of 3.3 percent, reaching 35.4 trillion yuan. The trade-in program has demonstrated positive outcomes, with 1.68 million subsidy applications for automobiles and household appliance sales hitting 24.03 million units as of October 30, according to data from the Ministry of Commerce.
James del Carmen contributed to this report for TROIB News
