Shenzhen is taking strong steps to boost consumer confidence and unleash greater consumption potential, in a new move to prop up economic growth, according to a press conference Thursday.
Zhou Mingwu, deputy head of the Shenzhen Municipal Commerce Bureau, said at the conference that Shenzhen would begin a new round of subsidy program Friday to boost spending on consumer electronics and home appliances.
Residents visit a night market in Bao'an District on Monday. Lu Ying
Consumers can get coupons of the face value they need and purchase certain consumer electronics and home appliances at offline stores of enterprises joining the subsidy program. The subsidy will be capped at 15% of a commodity’s sales price and no more than 2,000 yuan (US$287).
Meanwhile, a home appliance shopping festival will be launched, in which international and domestic well-known brands and dealers will join subsidy programs such as “trade in the old for the new” to encourage citizens to buy high-quality home appliances and digital products.
According to the bureau, Shenzhen has successively launched several rounds of subsidy programs for home appliances and digital products since the beginning of this year, which have been well received by the public.
In order to better meet the needs of citizens in purchasing more environmentally friendly cars, Shenzhen will continue the subsidy program for scrapping old cars. Those who purchase certain cars and complete the registration will be rewarded with 3,000 or 5,000 yuan.
At the same time, consumers can also enjoy the new energy vehicle replacement subsidy granted by the city’s industry and information technology bureau and the automobile subsidy policy of each district and new area.
According to Zhou, Shenzhen will also give out consumption subsidies in various forms, and support major shopping centers, commercial areas and brands to plan online and offline theme shopping events, and support newly opened shopping malls to hold consumption promotion activities.
The city will promote local fashion brands from the garment, eyewear, watches, gold and jewelry sectors through the Shenzhen Global Fashion Culture Festival.
Subsidies will be given to major brands for launching new products, holding debut shows, and opening first stores or flagship stores to further enrich consumption options.
The city will support businesses to sell in outdoor stalls in an orderly manner, hold characteristic fairs, and extend business hours to enrich morning sales and develop the nighttime economy.