Chinese Cities Act to Boost Consumption Over Upcoming Golden Week Holiday

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Chinese Cities Act to Boost Consumption Over Upcoming Golden Week Holiday

September 19
19:09 2023

Chengdu, Shenzhen, and other cities in China have been taking steps to fire up consumption over the eight-day Golden Week holiday that starts at the end of this month, including by issuing travel coupons to promote local tourism.

At the end of last month, Huangshan, a city in Anhui province, said it would distribute cultural travel coupons worth CNY50 million (USD6.9 million) across the country. Chengdu in Sichuan province issued CNY20 million on Sept. 7 and Shenzhen plans to hand out CNY1 million (USD137,472) of them between Sept. 9 and Oct. 31. 

Tourism plays an important role in the economic development of some cities, so they pay much attention to the sector, Chen Qiankang, president of the Sichuan Province Tour Guide Association, told Yicai. Chen is optimistic for the sector over the upcoming Golden Week holiday, as it will be long and the weather should be good, he said.

This year, the public holiday will run for eight straight days from Sept. 29 through Oct. 6 because of the way in which the Mid-Autumn Festival falls near the National Day break.

Tourism is one area of consumption that is best recovering in China. The number of domestic travelers reached 1.8 billion between June and last month, with revenue from tourism reaching CNY1.2 trillion (USD165.1 billion), according to a report by the China Tourism Academy. Many tourist spots have had record visitor numbers.

With the approach of the Golden Week holiday, a peak consumption period, many cities have also unveiled policies to lift purchases of cars, home appliances and furnishings, and other consumer goods.

Xianyang, a city in Shaanxi province, will issue CNY30 million of consumption coupons for new energy vehicles, green smart home appliances, and other products, it said on September 12. Shenyang, a big northeastern metropolis, will hand out CNY30 million of coupons this month for home appliances, food and beverage, and general consumption. It also starts issuing them for cars from September 14, with CNY70 million available.

The 34th Shanghai Tourism Festival kicked off on Sept. 16 and lasts through Oct. 6, with the city also holding a shopping festival for the fall.

Shanghai will focus on the consumption of vehicles and home appliances during the festival and has recently issued subsidies to promote the replacement of older NEVs with new ones, said Liu Min, deputy head of the city’s commerce commission. It will also continue with subsidies on green smart home appliances, Liu noted.

About Yicai Global

Launched in August 2016, Yicai Global is the English-language news service of Yicai Media Group, the financial news arm of Shanghai Media Group, which is one of China’s largest state-owned media conglomerates. Focused primarily on China’s business world, Yicai Global is dedicated to provide reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.

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