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Guangdong province, a major economic powerhouse in China, rolled out a series of new measures to boost consumption, including measures to promote residents’ spending on tourism, home appliances and autos as well as measures to promote the healthy development of housing consumption.
Guangzhou and Shenzhen, the two largest cities in the province, will further improve car purchase restrictions and increase quotas for vehicle purchase, according to a notice released by the provincial government.
Guangdong province vowed to fully implement plans to halve the vehicle purchase tax for passenger cars that meet the requirements and to lower value added taxes for selling used cars.
The authority supports old urban areas and major public venues such as hospitals and schools to increase car parking facilities and the province aims to have all service zones along expressways in the region to have electric vehicle charging facilities by the end of 2022, according to the notice.
It also plans to promote the sound development of housing consumption, including expanding the supply of subsidized rental homes and encourage government agencies and state-owned companies to increase rental housing by renovating existing qualified properties.
It will also optimize the use of the housing provident fund, encourage cities to increase the cap on fund withdrawals from for house rents and simplify the process for fund withdrawals.
The province encouraged cities to continue issuing consumption coupons with a discount rate of up to 20%, to be used for catering, tourism, accommodation, sports and other areas. The cities are encouraged to proffer more preferential policies to boost residents’ consumption in the tourism sector, and enhance development of the night economy.The provincial government will provide subsidies to municipal government for consumption coupons they issued.
In addition, cities in the province are encouraged to launch campaigns for replacement of old home appliance during the period of September 1 – November 30 and the provincial government will province subsidies for the campaigns, according to the notice.