Shandong invests nearly 400m yuan to boost consumption

(| Updated : 2023-02-09

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Chefs cook special snacks for visitors at a food stand at the Poli Bazaar in Qingdao, Shandong province. CHINA DAILY

A news conference held by the Information Office of Shandong Provincial People's Government on Feb 8 detailed the local authority's work agenda for boosting consumption, which is a major goal for the province's economic work in 2023.

This year, Shandong will work hard to prioritize economic recovery and boost consumption by fine-tuning the implementation of policies and initiatives.

Shandong will raise 396 million yuan ($58.37 million) in funding to encourage spending on automobiles, household appliances, cultural tourism and other sectors by issuing vouchers and launching a wide range of promotional activities.

The move is expected to reduce household burdens, inject vitality into the consumption market and enhance confidence in economic recovery.

Shandong has also coordinated budgetary investment, special financial funds, special government bonds and other financial resources to accelerate economic recovery and development.

Shandong issued 91 billion yuan of special bonds this year to support nearly 600 key projects in transportation, water conservation, municipal administration and other fields, which is expected to attract more than 100 billion yuan in investment.