China is turning up the heat this November! Starting Sunday, the country is launching a wave of consumption promotion events across five major cities—Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing. 🏙️
Vice Minister of Commerce Sheng Qiuping announced the exciting news on Friday. She highlighted that new policies are set to boost consumer spending, giving a solid kickstart to the \"debut economy\", strengthening wholesale and retail industries, and supporting modern commercial circulation pilot projects in 20 cities, including Shanghai and Tianjin.
But that's not all! 🚗 The Ministry of Commerce is also piloting automotive sales reforms and rolling out health consumption action plans. It's like China's own version of a shopping spree, and everyone's invited!
These international consumption center cities are pulling out all the stops. They account for over 13% of the national retail sales of consumer goods, and their imports exceed a whopping 50%. Talk about making a splash! 🌊
From food festivals that tickle your taste buds 🍜 to camping events under the stars ⛺, sporting activities that get your adrenaline pumping 🏀, and mesmerizing exhibitions and performances 🎭—there's something for everyone. Local governments are sweetening the deal with incentives for new store openings and handing out consumer vouchers. Who doesn't love a good bargain? 💸
Vice Minister Sheng believes these events will team up perfectly with the new policies, delivering real benefits to consumers. It's all about creating that synergistic effect—like when your favorite band drops a surprise album and merch at the same time! 🎶
Revving up consumption is a key move in China's playbook to fuel economic recovery. This year, they've been on a roll with measures to expand domestic demand, including a massive trade-in program for consumer goods.
Check this out: In the first three quarters of 2024, China's total retail sales of consumer goods hit a staggering 35.4 trillion yuan ($5 trillion), marking a 3.3% increase year-on-year. 📈 The trade-in program saw 1.68 million subsidy applications for automobiles by October 30, and sales of household appliances reached 24.03 million units. That's some serious shopping! 🛍️
So gear up, folks! Whether you're a foodie, a shopaholic, or just someone looking for a good time, November in China is the place to be. Let's get the party started! 🎊
Reference(s):
China to introduce new policies in November to boost consumption
cgtn.com
