Yichang issues measures to boost consumption

Yichang has released a series of measures to boost consumption. 

 

Aiming to encourage sales of automobiles, home appliances and retail goods, Yichang will continue to distribute consumption coupons this year, the government said. 

 

Yichang has also launched a series of preferential policies for car and housing purchases. For example, the city will give a one-time incentive of 100,000 yuan (US$14,506) to the city's top five car sales companies whose year-on-year increase in 2023 exceeds 10 percent. Additionally, they plan to subsidize used car dealers’ new or outstanding loans’ interest by 1 percentage point of annualized interest rate, with the citywide subsidy capped at 500,000 yuan. 

 

Yichang also will aim to support “emerging consumption.” For example, incentives will be given to commercial exhibitions and promotion events held in the city. District-level governments will also offer rewards to local livestreaming hosts who sell local products on major platforms.

 

To support night-time consumption, Yichang will encourage setting up commercial streets with distinctive features/themes and reward those that are successful.

 

Yichang has also listed policies aimed at supporting consumption growth at the county level. To improve the construction and renovation of commercial facilities in counties, such as logistics and distribution centers, the government will provide financial subsidies equivalent to 30 percent of the actual investment in individual projects (for key counties needing support for rural revitalization, the rate is no more than 50 percent).