China will launch a series of consumption promotion events in five major cities in November and roll out new policies aimed at boosting consumer spending, Vice Minister of Commerce Sheng Qiuping said Friday.
Sheng made the announcement during a press conference, noting that the policies will shore up the debut economy, bolster the wholesale and retail industries, and support pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin.
Sheng said that the ministry will also pilot automotive sales reform and unveil health consumption action plans.
The consumption promotion events will kick off on Sunday in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing, which are designated as the country's international consumption center cities.
Emphasizing the importance of these cities, the vice minister noted that their retail sales of consumer goods account for over 13 percent of the national total, with imports of consumer goods exceeding 50 percent.
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