<img src='https://news.cgtn.com/news/2024-11-03/China-launches-consumption-promotion-events-in-November-1yeo33JZaPS/img/eab6e4d482c345ecbb06dd2c05859d64/eab6e4d482c345ecbb06dd2c05859d64.jpeg' alt='Shoppers seen at the Shanghai Nanjing Road Pedestrian Street, September 8, 2024. /CFP'
China is set to launch a series of nationwide consumption promotion events in November, aiming to boost domestic demand and support economic growth.
The initiative, announced by Vice Minister of Commerce Sheng Qiuping on Friday, will focus on five major cities designated as international consumption centers: Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing.
These cities will host a variety of events and promotions, including food festivals, camping events, sporting activities, exhibitions, and performances, to encourage consumer spending. Local governments will also introduce supportive measures such as incentives for new store openings and consumer vouchers.
Shanghai will capitalize on the momentum of the 7th China International Import Expo (CIIE) by organizing a consumption carnival. The CIIE will take place from November 5 to 10.
Sheng said that the ministry will also pilot automotive sales reform and unveil health consumption action plans. These measures, along with a large-scale trade-in program for consumer goods already in place, are expected to drive consumer spending and contribute 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 trade-in program has seen fruitful results, with 1.68 million subsidy applications for automobiles and the sales of household appliances reaching 24.03 million units as of October 30, data from the Ministry of Commerce showed.
(With input from Xinhua)
