China Plans Special Activities to Boost Lunar New Year Spending

China's Vice Minister of Commerce, Sheng Qiuping, announced plans for the upcoming nine-day Lunar New Year holiday, focusing on boosting consumer spending through special activities and promotions. According to RTHK, the government, in collaboration with various departments, will offer 'New Year gift packages' and discounts in dining, accommodation, and shopping sectors. Additionally, local authorities are set to increase subsidies for trade-ins during the holiday, with a budget of 2.05 billion yuan allocated for consumer vouchers, subsidies, and red envelopes to benefit consumers. Sheng highlighted that this year's holiday is the longest in history, providing an ideal opportunity for people to purchase New Year goods and travel. The initiatives are considered high-value policies aimed at stimulating holiday consumption. Prize invoice activities will be conducted in 50 pilot cities, with over 1 billion yuan in prizes available. Consumers in these cities who spend over 100 yuan can participate in a lottery, offering tangible benefits. Sheng also extended an invitation to international tourists to visit during the Lunar New Year, promising improvements in payment environments, including bank cards, mobile payments, and cash. Over 10,000 tax-free stores will offer a variety of quality products, with foreign tourists enjoying an additional 10% discount on purchases. Yang Mu, Director of the Department of Market Operation and Consumption Promotion, noted that the online New Year goods festival, which began last month, has seen various activities launched by e-commerce platforms and brands. As of the past Sunday, national online retail sales exceeded 989.7 billion yuan, with online dining and travel services growing by over 11% and 5%, respectively, fueling the New Year consumption trend.