Laoshan district in Qingdao, Shandong province [Photo provided to chinadaily.com.cn]

Laoshan district in Qingdao, Shandong province recently launched 10 measures to promote consumption and stabilize the market.

The district plans to increase financial support for industries, carry out promotional consumption activities, boost traditional catering consumption, expand consumption in cultural, tourism and sports, tap the rural consumer market, increase the attraction of e-commerce platforms, encourage building consumer brands, improve consumer infrastructure, help enterprises with difficulties, and improve fiscal, tax and financial services.

As a high-quality consumption urban area in Qingdao, Laoshan has six comprehensive commercial buildings that cover more than 10,000 square meters each and large commercial outlets that cover more than 500,000 square meters.

This year, the district has issued nearly 300,000 consumer coupons worth over 10 million yuan ($1.44 million) for supermarket, catering, automobiles, home appliance and e-commerce enterprises, which directly drives 430 million yuan in sales in the region.

As Spring Festival approaches, 10 recently launched measures are expected to increase consumption, and the district will use various means to meet residents' needs during the festivities, according to local officials.

To seize the opportunistic consumption period, the district government plans to invest 23 million yuan to kick off the consumption season, which is scheduled to run from Dec 12 to the end of March 2023.