China has taken a multi-pronged approach to stimulate domestic consumption this year, including expanding the supply of high-quality, green, and smart products, launching nationwide pro-consumption campaigns, and creating innovative consumption scenarios, said Yang Nie, an official from the Ministry of Commerce, at a press briefing in Beijing on Thursday.
Yang emphasized the government's ongoing efforts to better align supply with consumer demand and bring more premium consumer goods into households across the country.
"The Ministry of Commerce has launched a special action plan to boost consumption, building the 'Shopping in China' brand, enhancing alignment between supply and demand, and promoting the entry of more high-quality consumer goods into people's daily lives. Since the beginning of this year, in collaboration with other relevant departments, we have continued to implement the consumer goods trade-in program, enabling more green and smart products to reach millions of households. In the first 10 months of this year, the trade-in initiative drove sales exceeding 2.4 trillion yuan (about 339 billion U.S. dollars) and benefited over 360 million applicants. During the period, retail sales of new energy passenger vehicles reached 10.15 million units, up 21.9 percent year on year. We have also rolled out a series of other policy measures, including optimizing departure tax refund procedures, promoting health-related consumption, and advancing the migration of the cocoon and silk industry from the country's east to the west, continuously unlocking the benefits of various pro-consumption policies for the public," said Yang.
Yang noted that to further energize the consumer market, the Ministry has launched more than 20 themed promotional campaigns and accelerated the construction of global consumption hubs.
"We have launched more than 20 themed activities centered around premium shopping, fine dining, vibrant tourism, and exquisite exhibitions and performances, including initiatives such as the premium product launch season, premium consumption month, international consumption season, and the time-honored brands carnival. We have also guided local governments in carrying out region-specific pro-consumption activities and expanding the supply of high-quality products. We have accelerated the construction of international consumption centers, supporting Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing in building globally attractive consumption environments. Currently, these five cities account for about one-third of all inbound international travelers nationwide, over half of China's imported consumer goods, and around 70 percent of the country's departure tax refund sales, fully demonstrating their roles as national leaders and models in driving consumption growth," said the official.
China rolls out multi-pronged measures to boost domestic consumption: official
