China government issued Guobanfa (2019) No.42 as the guidelines to promote the commercial consumption. The guideline outlined 20 measures to support consumption, and Shanghai Dongjin finds the below main points.
The government will apply new technologies to promote the circulation of products, improving infrastructure of commercial streets and accelerating the development of chain convenience stores.
The country will support the transition of traditional department stores and large-scale stadiums into commercial complexes and fitness as well as recreation centers.
Efforts should be made to support e-commerce in the country's rural areas and help farmers to sell agricultural products to the cities.
The government will make policies to help export-oriented firms to expand in the domestic market, while imports of high-quality foreign goods will be encouraged through channels such as cross-border e-commerce.
Incentives should be introduced to support consumers to exchange old home appliances and electronics for more green and smart alternatives.
Regions with limits on vehicle purchases should roll out measures to relax or lift the restrictions after taking into account their respective condition and support the purchase of new energy vehicles.
Other measures also include support for the "nighttime economy" and "holiday economy", as well as fiscal and financial policies to expand consumption.
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