Shanghai to fuel spending with new policies
Shanghai's municipal government has formulated a package of measures for boosting consumer confidence and encouraging consumption activities after the novel coronavirus epidemic tapers off, an official said on Thursday.
The measures look to activate consumer spending through a variety of innovative businesses, and strengthen Shanghai's market influence in local service, manufacturing, shopping and culture, as well as offer convenient and multi-dimensional consumption options, said Hua Yuan, director of the municipal Commission of Commerce.
The new measures also include fueling five consumptions, or consumption in emerging business, leisure activities, vehicles, information and home decoration, and supporting four economies, or business opportunities raised by products debuts, leisure activities and consumption at night, branding and duty free shopping.
Shanghai will launch a shopping gala that spans the second quarter with all the major ecommerce platforms, commercial enterprises, brands and projects participating.
Consumption has become a main driver of the Chinese economy, and Shanghai has maintained its position for three years in a row as the nation's top city for retail sales of consumer goods. In 2019, Shanghai reported total sales revenue of 1.35 trillion yuan in consumer products, Hua added.
