Jiangsu takes multiple measures to promote consumption

2022-12-19 14:34:00

Many localities across Jiangsu Province have moved fast to expand domestic consumption ahead of the year's holiday shopping season.

Jiangsu has so far issued vouchers worth 500 million yuan in 2022 to encourage local spending, and the province’s 47 cities and counties also introduced 128 measures to shore up domestic consumption, according to the province’s Department of Finance.

Photo taken on Nov. 11 shows the scene at a nigh market in Nanjing. Photo/Jiang Wenchao

Nanjing distributed 50 million yuan of shopping vouchers through various online platforms, which improved customer flow in the city's key shopping zones by 12% and retail turnover by 34.8%.

Suzhou introduced a policy to prop up retail spending based on the "red envelope" pilot program using digital yuan. It has encouraged all districts and counties to issue consumption vouchers no less than 10 million yuan through this program.

In four rounds of food and beverage consumption promotion, Lianyungang offered 31.25 million yuan shopping vouchers, which drove F&B spending of 75 million yuan.

Suqian has also taken online and onsite measures to provide 25.8 million yuan of vouchers for retail and catering sectors, stimulating consumption of 330 million yuan.

In 2022, Jiangsu has actively promoted the consumption of green and smart home appliances amid efforts to stimulate the purchasing power of consumers and advance the green transformation of home appliance supply chain.

Data showed the government allocated 200 million yuan for this campaign and it stimulated home appliances sales of 3.68 billion yuan, benefiting nearly 300,000 consumers. This campaign also increased the foot traffic to physical stores by 50%.

The coastal province has also implemented a series of measures to support small and medium-sized enterprises and individual businesses, an important part of the market. By the end of October, 53,000 SMEs and 113,000 individual businesses renting state-owned properties in Jiangsu had enjoyed the rent reductions and exemptions totaling 7.851 billion yuan.

The province has stressed the support to the retail, catering and special service sectors as well as SMEs and individual businesses in difficulties. Jiangsu will adopt more accurate and targeted financial measures to strengthen the growth momentum of domestic demand.