(Yicai Global) Dec. 9 -- Shenzhen, China’s southern tech hub, said it would kick off a new round of purchase subsidies on consumer electronics and household appliances from today to spur sales and help steady the local economy.

Under the city’s Enjoy Shopping in Shenzhen plan released yesterday, discount coupons are available for certain products bought at brick-and-mortar stores. The discounts can lower the price by as much as 15 percent, Wang Jun, deputy director of the Development and Reform Commission of Shenzhen Municipality, said at a press conference the same day.

Shenzhen has subsidized the home appliance and digital product purchases of 300,000 residents so far this year, noted Zhou Mingwu, deputy director of the city’s commerce bureau.

The city authorities are releasing policies to help micro, small, and mid-sized companies, as well as individual businesses, recover from the effects of the pandemic as soon as possible, Wang said, noting that Shenzhen has cut taxes and fees by more than CNY150 billion (USD21.6 billion) for over 7.5 million market players. 

Retail sales of consumer goods in Shenzhen jumped 8.4 percent in October from a year earlier, up from 5.1 percent the month before, the local statistics bureau’s data showed. In the 10 months ended Oct. 31, total retail sales rose 2.4 percent to CNY796.5 billion from a year ago, up 0.7 percentage point from the first nine months. Retail sales of merchandise rose 4.2 percent in the 10 months from a year earlier, while catering sector revenues tumbled 11.2 percent.

Shenzhen also plans to join hands with commercial streets in key business districts to hold themed shopping events and boost consumption via time-limited sales promotions, Wang added. Government subsidies and merchants’ own discounts will enable consumers to shop at lower prices, he said.

The city will soon host events, including a marathon, an arts festival, and a food and folk culture festival to boost the tourism, hospitality, and catering sectors, helping the micro and small firms in these fields, Wang said.

Editors: Tang Shihua, Martin Kadiev