With the Lunar New Year approaching, various regions in China are actively boosting consumption in hopes of making the most of tourism revenue. Sheng Qiuping, Vice Minister of China's Ministry of Commerce, stated that during the 9-day Spring Festival holiday, the Ministry of Commerce and eight other departments have planned a special "Happy Shopping for the New Year" event, offering consumers real cash "New Year gift packs." At present, regions across China have allocated 2.05 billion yuan (1.163 billion ringgit) in funds, which will benefit the public through the distribution of vouchers, subsidies, red envelopes, and other means.
On the 11th, Sheng Qiuping showcased a "consumption report card" at a press conference held by the State Council Information Office. He pointed out that in 2025, the total annual retail sales of consumer goods surpassed the 50 trillion yuan (28.37 trillion ringgit) mark for the first time, with final consumer spending contributing 52% to economic growth, up 5% from the previous year.
Additionally, Sheng Qiuping previewed that during the Spring Festival, in regard to the "trade-in" initiative, local governments will be guided to increase subsidies and fully ensure that consumers can claim subsidies according to policy requirements. Recently, the Ministry of Commerce, the Ministry of Finance, and the State Taxation Administration have decided to launch a "prize invoice" pilot program in 50 cities, issuing 10 billion yuan (5.674 billion ringgit) in reward and subsidy funds during the six-month trial period. Of this, the bonus fund allocated during the Spring Festival holiday will exceed 1 billion yuan (567 million ringgit).