CONSUMPTION

The State Council executive meeting on 13 April decided to adopt policy measures to boost consumption. The meeting also decided on greater policy support such as export value-added tax (VAT) rebates to promote the steady growth of foreign trade, and more financial support to the economy to reduce the financing costs of market entities. More

Guangdong has just announced 26 measures to promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area into an international consumption hub and to boost consumption incentives and confidence in the region. These include measures to nurture industry giants, encourage chain operations and increase car consumption, and will remain in force until 31 December 2022. More

China has announced a work plan aimed at further expanding domestic demand, effectively promoting consumption, smoothing out business cycles of supply and demand, and nurturing the formation of a strong domestic market in the near future. More

The General Office of the State Council issued the Opinions on Accelerating the Development of New Types of Consumption Led by New Business Formats and Models (Guo Ban Fa No. 32 [2020]) on 21 September, calling for the establishment of a “dual circulation” development pattern with domestic economic cycle playing a leading role and domestic and international economic cycles supplementing each other under conditions of normalised epidemic prevention and control. More