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Suzhou launches policies to promote consumption

Suzhou Bureau of Commerce | Updated:2023-02-15 18:07

Suzhou people shop at a fair during the Spring Festival. [Photo/IC]

The Suzhou municipal government launched several measures to promote the overall improvement of economic operations on Jan 30.

A total of 55 policies in 12 areas are expected to boost market confidence and unleash the potential of market entities through policy dividends.

These policies aim to create a better business environment, promote economic growth, and attract more foreign investment, providing strong support for Suzhou's development.

To promote consumption, Suzhou will organize a series of consumption promotion activities such as the Double 12 Suzhou Shopping Festival and Night Zui Suzhou. It encourages hosting high-level professional exhibitions and promotes the international development of exhibition enterprises.

The government will continue to implement new energy vehicle exemptions from the vehicle purchase tax policy to boost automobile consumption. It will also support rigid and improved housing demands and hold online housing exhibitions.

Furthermore, it will encourage the distribution of digital RMB red envelopes to stimulate consumption and will support cultural tourism consumption events and award up to 300,000 yuan ($43,740) in rewards to outstanding events.

The government will support the development of the nighttime economy and provide a one-time incentive of 1 million yuan, 500,000 yuan, and 200,000 yuan to construction and operation entities of nationally, provincially, and municipally night cultural and tourism consumption aggregation zones, respectively. 

Crowds of people visit an ancient town at Pingjiang Road in Suzhou. [Photo/IC]

Suzhou's Guanqian street is popular among consumers at night. [Photo/IC]