The Xiamen Municipal Bureau of Commerce and the Xiamen Municipal Bureau of Finance recently released policies to boost retail consumption.
The Measures of Xiamen to Boost Stable Growth of Retail Consumption states that commercial and trading companies in the coastal city with an annual turnover of 100 million yuan ($14.19) to 500 million yuan and registering more than 10 percent growth year-on-year will be awarded 150,000 yuan. These companies in the city with an annual turnover of more than 500 million yuan and over 10 percent growth year-on-year will be awarded 300,000 yuan.
Vehicle and household appliance retailers are encouraged to trade new goods for old ones in rural areas. Retailers with an annual turnover of more than 100 million yuan and registering more than 10 million yuan in growth over the last year will be awarded 60,000 yuan for each 10 million increase.
Large-scale manufacturing companies and platform service suppliers in Xiamen are encouraged to set up marketing or supply chain companies to conduct professional procurement and sales, according to the new policies.
The two bureaus are also encouraging all six districts in the city to roll out policies to stimulate consumption and support the upgrading of Zhongshan Road, a symbolic scenic spot in Xiamen.