Shenzhen offers subsidies to NEV, home appliance and digital products buyers to boost consumption
Published: May 26, 2022 02:25 PM Updated: May 26, 2022 02:21 PM
New energy vehicles help improve transport efficiency and control carbon emissions. Photo: CFP
New energy vehicles help improve transport efficiency and control carbon emissions. Photo: CFP

Shenzhen, South China’s Guangdong Province has recently issued a package of subsidies to encourage spending on vehicles, home appliances and digital products, the latest implementation of the central government's call to boost consumption and shore up the economy.

The consumption stimulus packages include giving as much a 10,000 yuan ($1,485) in subsidies  per car for new energy vehicle buyers in the city, and a 15 percent subsidy for home appliance purchases, according to a notice released by Shenzhen Fabu, the official WeChat account of the city.

The notice stated that the policies are intended to thoroughly implement the national and provincial arrangements to stimulate consumption potential and boost consumer confidence.

To stimulate consumer demand, Shenzhen will offer individuals who purchase qualified new energy vehicles and register them in Shenzhen a subsidy of no more than 10,000 yuan per vehicle and added 20,000 additional car plates quota to car buyers.

This comes after the State Council, China’s cabinet, on Monday said it would ask cities to set their own support measures for vehicle purchases and will reduce passenger car purchase taxes by 60 billion yuan nationwide in phased stages.

Consumers will be given a subsidy of 15 percent of the selling price to a maximum of 2,000 yuan per person for purchasing eligible TV sets, air conditioners, refrigerators, washing machines, kitchen appliances, and small household appliances from May to August.

The same scale of subsidy will also cover the consumption of electronic products, including mobile phones, computers, earphones, smart home appliances and fitness equipment from between May and August.

The city will also add the issuance of “price-offered” invoices worth 10 million yuan to encourage spending in retail, catering, tourism, accommodation and sports.

During its last massive consumption stimulus, Shenzhen handed out a total of 500 million yuan in consumption coupons as of the end of April, including 30 million yuan in the form of digital yuan red envelopes.

Global Times