China's top economic planner announced on Thursday new measures including the issuance of special treasury bonds to expand the existing trade-in and equipment upgrade scheme, as part of its efforts to spur consumption.
Approximately 300 billion yuan (about 42 billion U.S. dollars) in ultra-long special treasury bonds will be earmarked to boost large-scale equipment renewals and replace old consumer goods with new ones, the National Development and Reform Commission (NDRC) told a press conference in Beijing.
The fund, expected to be fully in place by the end of August, will subsidize a wider range of equipment upgrades and consumer products trade-in.
"The [ultra-long special treasury bonds'] coverage will be expanded to equipment renewals in the fields of energy power and old elevators, and those mean to support energy conservation, carbon emission reduction and renovation for safety purpose in key industries," said NDRC vice chairman Zhao Chenxin.
"The trade-ins of individual users' cars, home appliances and electric bicycles, and material purchases for old house renovation, kitchen and bathroom renovation and aging-friendly home renovation will all be covered by the ultra-long special treasury bonds," Zhao said.
Subsidies for new energy and traditional fuel vehicle purchases are more than doubled under the new policy.
"In terms of vehicle trade-in, subsidies for qualifying buyers of new energy and fuel-powered cars are raised from 10,000 yuan to 20,000 yuan, and from 7,000 yuan to 15,000 yuan per car, respectively. In addition, the central government has raised the subsidy for the interest on equipment renewal loans to eligible business entities from one percentage point to 1.5 percentage points," said Zhao.
Consumers can enjoy a 15-percent subsidy when buying eight categories of home appliances including refrigerators, washing machines, and televisions. An additional five-percent subsidy will be given to the purchase of more energy-efficient refrigerators and washing machines.
China has already completed the building of a policy system for promoting large-scale equipment renewals and replacing old consumer goods with new ones, while local governments across 31 provincial-level regions have all released action plans for the program.
China issues 300-billion-yuan treasury bonds to boost trade-in program
Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.
Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.
Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .
Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.
At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.
"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.
"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.
Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.
"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.
The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.
"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.
To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.
"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.
The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.
Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.
The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.
Taiyuan's thriving concert economy boosts cultural, tourism growth
