North China's Tianjin Municipality rolled out more targeted consumer subsidies to boost spending during the National Day holiday from Oct 1 to 7.
Ahead of the holiday, China's fourth and final batch of 62.5 billion yuan (about 9.32 billion U.S. dollars) in ultra-long special treasury bonds for consumer goods trade-in programs was allocated, sparking robust consumer enthusiasm during the holiday.
In Tianjin, the program has been rolled out with local standards. Digital products such as mobile phones can receive subsidies of up to 500 yuan, while home appliances are eligible for as much as 1,500 yuan.
These substantial discounts have drawn many residents to stores to experience new appliances, and to purchase and upgrade their devices.
In addition to carrying out the national trade-in subsidy program, Tianjin has broadened the coverage of subsidies by adding some age-friendly products and other items not included in the national scheme to its local subsidy list.
"With such good policy subsidies for the elderly, I'd rather use them to upgrade all the old home appliances in my house," said a consumer surnamed Liu.
To further unlock the holiday's consumption potential, Tianjin also launched over 300 promotional activities across a range of shopping themes, offering residents and tourists fresh consumption experiences.
"During the National Day holiday, Tianjin issued consumption vouchers worth over 80 million yuan, creating a synergistic effect of government subsidies, platform discounts and corporate price cuts, and fostering a series of new growth points in consumption," said Wang Yagang, deputy director of the Tianjin Municipal Bureau of Commerce.
Tianjin rolls out more targeted subsidies to boost holiday spending
