Shanghai unveils shopping festival in Jul – Sept, auto sales recovered rapidly – official

 

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China’s financial hub of Shanghai unveils a shopping festival spanning from July to September to boost consumption and a total of 12 key promotional campaigns and more than a dozen district-level activities will be hosted, said the director of the Shanghai Commerce Commission Gu Jun at a press briefing on Saturday.

The government will introduce special measures to boost consumption of automobiles, home appliances, etc., encourage companies to provide coupons and provide support to companies that make prominent contribution to consumption growth, he said.

The government has mobilized digital platforms including RED, Dewu, Pinduoduo, Alibaba, Bilibili and Douyin to offer special promotions for nationwide shoppers, said deputy director of the Shanghai Commerce Commission Liu Min.

On-demand service giant Meituan said it will offer up to 1.8 billion yuan promotional coupons and subsidies for merchants and consumers. Pinduoduo has pledged 3.8 billion yuan of subsidies with special promotions for Shanghai’s time-honored brands and local agricultural products.

Suning will offers 2 billion yuan of discount voucher covering supermarkets, groceries and appliance stores, with special discounts for more than 200,000 kinds of appliances. Auto after-sales service provider Tuhu will offer up to 1000 yuan of subsidy for auto maintenance with combined voucher worth up to 2.2 billion yuan.an hour ago

Shanghai’s auto consumption recovered rapidly and achieve positive year-on-year growth nearly two months after the government introduced measures to boost consumption, said Qiu Wenjin, deputy director of the city’s economic planner.

Shanghai’s auto sales reached 18.1 billion yuan in June, rising by 9.4% from a year earlier, and in the first ten days of July, auto sales reached 8.8 billon yuan, rising by 13% from a year ago, he said.

In the first half of the year, Shanghai’s new energy vehicle sales reached 103.2 billion yuan, surging 57.2% from the same period last year, making it the fastest-growing strategically emerging industry, he said.

Shanghai is a major auto production hub in China, with auto output in the city accounting for 11% off China’s total, auto parts output accounting for about 20% and auto exports accounting for 40%.