China will launch new measures in November aimed at stimulating consumer spending
China is set to initiate a series of consumption promotion events across five major cities in November, accompanied by the introduction of new policies designed to enhance consumer spending.
TroibNews 
China is set to initiate a series of consumption promotion events across five major cities in November, accompanied by new policies aimed at enhancing consumer spending, according to Vice Minister of Commerce Sheng Qiuping, who shared these details on Friday.
During a press conference, Sheng highlighted that the upcoming policies aim to strengthen the debut economy, support the wholesale and retail sectors, and assist in pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin.
Additionally, Sheng mentioned that the ministry plans to launch automotive sales reforms and introduce health consumption action plans.
The consumption promotion events will commence on Sunday in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing—cities designated as the country's international consumption centers.
Sheng emphasized the significance of these cities by stating that they collectively account for over 13 percent of national retail sales of consumer goods, with more than 50 percent of consumer goods imports originating from them.
These cities will host a diverse range of activities centered on shopping, dining, and tourism, including food festivals, camping events, sporting activities, exhibitions, and performances. Local governments are expected to implement supportive measures, such as incentives for new store openings and consumer vouchers.
Sheng expressed confidence that these events will produce a synergistic effect alongside the new policies, ultimately providing tangible benefits to consumers.
Stimulating consumption is vital to China's strategy for economic recovery. This year, the government has launched various initiatives to boost 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, reflecting a year-on-year increase of 3.3 percent. Notably, the trade-in program has seen 1.68 million subsidy applications for automobiles as of October 30, with household appliance sales totaling 24.03 million units.
Navid Kalantari for TROIB News
During a press conference, Sheng highlighted that the upcoming policies aim to strengthen the debut economy, support the wholesale and retail sectors, and assist in pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin.
Additionally, Sheng mentioned that the ministry plans to launch automotive sales reforms and introduce health consumption action plans.
The consumption promotion events will commence on Sunday in Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing—cities designated as the country's international consumption centers.
Sheng emphasized the significance of these cities by stating that they collectively account for over 13 percent of national retail sales of consumer goods, with more than 50 percent of consumer goods imports originating from them.
These cities will host a diverse range of activities centered on shopping, dining, and tourism, including food festivals, camping events, sporting activities, exhibitions, and performances. Local governments are expected to implement supportive measures, such as incentives for new store openings and consumer vouchers.
Sheng expressed confidence that these events will produce a synergistic effect alongside the new policies, ultimately providing tangible benefits to consumers.
Stimulating consumption is vital to China's strategy for economic recovery. This year, the government has launched various initiatives to boost 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, reflecting a year-on-year increase of 3.3 percent. Notably, the trade-in program has seen 1.68 million subsidy applications for automobiles as of October 30, with household appliance sales totaling 24.03 million units.
Navid Kalantari for TROIB News
