China funds 2.05B yuan for the upcoming nine-day Chinese New Year holiday

China will deploy 2.05 billion yuan (HK$2.32 billion) in consumer incentives during the upcoming nine-day Chinese New Year holiday, as authorities roll out subsidies, vouchers, and promotional campaigns to stimulate spending during the longest break on record, said Vice Minister of Commerce Sheng Qiuping.

Sheng added that they have planned special activities in collaboration with merchants to deliver "Chinese New Year gift packages", and the local shops will launch promotions in catering, accommodation, and shopping, and increase the number of trade-in subsidies during the holiday.

He pointed out that the holiday is a golden period for New Year's goods consumption and travel. Relevant departments will carry out uniform invoice lottery activities in 50 pilot cities. The total prize exceeds 1 billion yuan, and customers spending over 100 yuan can participate in the lottery.

Sheng mentioned that they welcome tourists worldwide during the Spring Festival, and they will further improve bank card, mobile, and cash payments to provide a convenient consumption experience for tourists, including various high-quality goods in more than 10,000 duty-free shops on departure, where tourists can enjoy an extra 10 percent discount.

Yang Mu, director of the Department of Market Operation and Consumption Promotion at the Ministry of Commerce, said national online retail sales began last month and have exceeded 989.7 billion yuan as of last Sunday. The popularity of online services continues to rise, with online catering and online travel increasing by more than 11 percent and 5 percent, respectively, igniting the New Year consumption boom.

Gloria Leung