Shen Danyang: This year, we will further increase support for offline physical retail, and the good momentum of resident consumption growth has already been evident in the first two months

On March 5th, Shen Danyang, head of the drafting group for the "Government Work Report" and director of the State Council Research Office, stated at a press conference held by the State Council Information Office that this year, there will be further efforts to increase support for offline physical retail, focusing on the subsidy sector. The emphasis will be on key consumer goods with a wide coverage and strong driving effects, such as automobiles, refrigerators, washing machines, and televisions, to promote trade-ins. Additionally, new products, such as smart glasses, will be included to allow more people to receive subsidies and exchange for products. At the same time, this will also create new tracks, new momentum, and new productive forces. This year, a special fund of 100 billion yuan for fiscal and financial collaboration to promote domestic demand has been newly established, which we both mentioned earlier; this is a very new policy for this year. The policies for interest subsidies on loans for service industry operators and personal consumption loans have been optimized and expanded, increasing the support areas and raising the interest subsidy limits, which will enhance the sense of gain for more consumers. The good momentum of growth in household consumption has already been evident in the first two months of this year, especially during the recently concluded Spring Festival holiday, when the national consumer market was very vibrant and full of highlights. (Yicai)