Shandong introduces policies to boost consumption

Since the beginning of this year, Shandong province has been effectively implementing policies to boost domestic demand and promote consumption, such as trade-in programs for consumer goods.

In the first half of the year, the province's total retail sales of consumer goods reached 1.78 trillion yuan ($248.26 billion), a year-on-year increase of 5.5 percent.

The provincial government recently issued several policy measures to further promote the steady and positive development of the economy and improve quality while advancing, focusing on domestic demand and aiming to stimulate consumption.

As of mid-July, Shandong consumers had submitted 46,709 applications for vehicle scrapping and renewal subsidies through the national automobile trade-in platform, with 22,866 applications approved, making the province the national leader in both submission and approval volumes. The province also recycled 6.05 million old household appliances, including air conditioners, refrigerators, washing machines, televisions, and computers, sold 3.327 million new household appliances, and generated 9.62 billion yuan in sales revenue.

Zhang Xingcheng, deputy director and first-class inspector of the Shandong Provincial Department of Commerce, said the measures have consolidated achievements in promoting trade-ins for consumer goods and will ensure a stable and positive consumption market in the second half of the year.

Zhang said that Shandong will continue to implement the "Year of Consumption Promotion" campaign, focusing on key periods such as summer vacation, Mid-Autumn Festival, National Day, and the Double 11 shopping festival, to encourage commercial and manufacturing enterprises to participate in the creation of consumption scenarios, thereby coordinating efforts between the supply and demand sides.