China Daily Global Edition (USA)

Shopping festival to pry open wallets

- By MA ZHENHUAN in Hangzhou mazhenhuan@chinadaily.com.cn

Authoritie­s in East China’s Zhejiang province recently launched a three-month shopping campaign to stimulate consumptio­n and promote high-quality economic developmen­t.

Jointly hosted by the Zhejiang Provincial Department of Commerce and four other provincial department­s, the 2022 Zhejiang Golden Autumn Shopping Festival kicked off last Friday along Hangzhou’s Hubin Pedestrian Street, one of China’s most iconic commercial thoroughfa­res.

Running from Sept 16 to early November, it overlaps with China’s Singles Day shopping extravagan­za, with the new Hangzhou festival featuring eight major “theme weeks”, including food, fashion, culture and sports, among others, said Han Jie, director of the Zhejiang Provincial Department of Commerce.

About 500 events of various types, many of which will be livestream­ed — including bazaars and expos — will be held over the period, and discounts, vouchers and subsidies worth some 2.3 billion yuan ($327.96 million) will be on offer, Han said.

For this year’s Golden Autumn Shopping Festival, major industry associatio­ns, trading companies, time-honored brands as well as banks have been invited to actively participat­e. “Through government agencies, businesses and banks, vouchers and coupons will be issued and distribute­d, which will help create a more conducive environmen­t for consumers to enjoy their shopping,” said Hu Shengyue, an official with the Zhejiang Provincial Department of Commerce.

With more people attracted to brick-and-mortar stores, it is hoped that ultimately their consumptio­n can provide a further boost to the real economy, as the promotiona­l events in the next three months are expected to cover tens of millions of shops, sellers and customers.

In the past few years, more efforts have been extended in this regard to revitalize consumptio­n, especially amid the difficulti­es caused by COVID-19. Since the start of 2022, Zhejiang has issued more than 150 policy documents, held more than 600 events and distribute­d consumptio­n vouchers and coupons worth over 5 billion yuan, all in a bid to create more demand. Statistics show that these initiative­s have encouraged consumers in the province to open their billfolds to the tune of over 63 billion yuan. In addition, actions have been continuous­ly taken to develop high-quality shopping streets and night markets.

With a population of 65.4 million and annual per capita disposable

income standing at 57,541 yuan in 2021, Zhejiang province has a vast internal market and huge consumptio­n potential to tap. It was among the first provinces in China to organize shopping festivals such as the current one, in line with the nation’s attempt to steer away from an investment-driven economic growth model a decade ago.

Local authoritie­s in Zhejiang have also followed suit to host their own consumptio­n campaigns. In Hangzhou, subsidies have been offered to buyers of new energy vehicles; in Ningbo, a long-term campaign to promote its nighttime economy has been launched; and in Jinhua, a similar shopping festival has been launched, with over 3,000 businesses participat­ing and a billion yuan of vouchers and coupons up for grabs.

In August, total retail sales of consumer goods in Zhejiang reached 250.5 billion yuan, up 8.9 percent year-on-year, and 3.5 percentage points higher than the national growth rate.

 ?? PROVIDED TO CHINA DAILY ?? Shoppers at the 2022 Zhejiang Golden Autumn Shopping Festival on Hubin Pedestrian Street, Hangzhou, Zhejiang province.
PROVIDED TO CHINA DAILY Shoppers at the 2022 Zhejiang Golden Autumn Shopping Festival on Hubin Pedestrian Street, Hangzhou, Zhejiang province.

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