East China’s Jiangsu province has taken targeted measures to spur consumer spending as a vital means of post-pandemic recovery, as is evidenced by the increase in the retail sales that ranked second in the country with a total volume of 1.69 trillion yuan.
Governments at all levels in Jiangsu have doled out 2.7 billion yuan of spending vouchers to stimulate a total spending of nearly 30 billion yuan.
In a year-round spending incentive scheme dubbed Suzhou Koi that is going on in Suzhou and reaches out to nearly 30 thousand companies, consumers can enjoy consumption discounts ranging from 5 yuan to 50 yuan as long as they receive the vouchers. They can also get high-end digital products, new energy vehicles, and even lake view rooms through lottery sales.
Governments at all levels in Jiangsu have also released policy tools to ensure spending growth.
In a sales promotion launched by the provincial department of commerce, small and medium-sized enterprises in Jiangsu increased their sales to 54.3 billion yuan in one month.
Authorities in Wuxi organized live streaming for foreign trade firms and some firms reported sales of more than 100 thousand yuan overnight.
The evening market centering on high-speed rail operation, Chinese soccer league match and reopening of cinemas have drawn a large gathering of local people and tourists from afar.
In the first half of this year, Jiangsu reported surging consumption as the province has accelerated consumption upgrade with the emerging consumption developing rapidly. Sports and entertainment products and smart home appliances both achieved substantial year-on-year growth.
Online retail and online catering services increased by more than 30% year-on-year.
The latest survey data shows that the province’s consumer confidence index in the second quarter was 125.9, which is at a higher level since the survey was conducted in 2013.
In June, the province's total retail sales of consumer goods increased by 4.4% year-on-year, achieving positive growth for the first time since the outbreak of the COVID-19 pandemic.
(Source:ourjiangsu.com)
