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Ningbo unveils 27 measures to stimulate consumption

Updated:2019-11-15 (chinadaily.com.cn)

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Ningbo recently unveiled an action plan to boost consumption among local residents, local media reported.

The plan comes as local authorities are trying to build the city into an international consumption city.

According to the plan, by 2022, Ningbo aims to increase total retail sales of consumer goods in the city to 560 billion yuan ($79.1 billion), an average annual growth of over 8 percent.

The plan specified 27 measures to boost consumption, touching on new energy vehicles, 5G, real estate and home appliances.

Ningbo will ramp up information infrastructure construction so as to increase network speeds and reduce costs. By 2022, local residents will be able to experience download speeds of at least 1 gigabyte per second (Gbps), the plan said.

The city plans to boost consumption in the auto sector, particularly new energy vehicles.

Preferential policies including vehicle purchase tax exemptions and vehicle and vessel tax cuts will be implemented in Ningbo within the year, the document said.

Ningbo also plans to add 350 new energy buses by the end of the year, while streamlining procedures for the trade of used cars.

The plans also said that local authorities will implement multiple supportive policies to increase the supply of rental housing amid efforts to develop a robust home rental market.

In addition, the city aims to build a series of duty-free stores in its tariff-free zones and facilitate access to local time-honored restaurants through online food ordering platforms.

Ningbo plans to invest more than 120 billion yuan by 2022 to boost its cultural and tourism sectors.

By 2020, a healthcare system for seniors will be established, covering all urban and rural communities in the city.