Shenzhen Government Online
Measures unveiled to boost consumer spending
From: Shenzhen Daily
Updated: 2020-07-08 09:07

The large retail businesses that set up headquarters or moved to Shenzhen can get a 0.5-percent reward based on the amount of their sales values that exceed 500 million yuan (US$71.2 million).

The ceiling of the reward is 100 million yuan, according to a package of measures the city unveiled to stimulate consumption, according to Shenzhen Special Zone Daily yesterday.

The 20 measures cover retail, night-time consumption, culture and tourism, dining and accommodation, foreign trade and newly emerging business. They aim to further beef up consumer confidence, unleashing consumer demand suppressed by COVID-19 and invigorate the market.

For those promotional activities that have been listed in the city’s consumer promotion plan like shopping festivals and tourism activities, the government will give up to 2 million yuan in subsidies to each event.

To stimulate a night-time economy, each district can renovate or build a designated night-time economy street and organize night markets, park concerts and night-time promotional activities.

Consumers who buy new vehicles to replace old ones can get a certain amount of subsidies and secondhand car dealers can also get subsidies at 0.5 percent of their retail value.

Buyers of household appliances under the Old for New Program and Intelligent Products Subsidy Program can receive a 10-percent subsidy from the government based on their actual purchasing prices. The subsidy is capped at 1,000 yuan per person.

The city is also trying to expand the digital economy and new types of retail businesses through live-streaming, video socializing and online education platforms. It will satisfy the needs of new kinds of consumption by building smart business circles, intelligent convenience stores and pharmacies.

To support export-oriented enterprises to establish themselves in domestic markets, the city will compile a white list and offer subsidies of up to 2 million yuan each for those enterprises to establish sales channels and logistics systems. For any enterprise that has organized a big promotion in the domestic market, the maximum subsidy is 1 million yuan for each activity.