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Policies and measures by Shenyang government to boost consumption and economic growth

Updated: Jun 20, 2018 Print

According to the “circular of Liaoning Provincial Government on issuing the implementation plan of Liaoning province for actively playing a leading role on new consumption and speeding up forming new supply and new power”, “opinions by the office of Liaoning Provincial Government on accelerating the development of the living service industry to promote the upgrading of consumption structure”,  Shenyang government has now proposed the following steps from the actual situation to further galvanize consumption, steady its economic growth and meet the consumer demands of citizens, which will help achieve sustainable economic development with healthy, efficient and coordinated growth.

Encourage the expansion of commercial circulation enterprises in other cities

Commercial circulation enterprises that register and pay their taxes in Shenyang will be awarded 100,000 yuan ($15,450) for every 10 million yuan increase in their total retail sales of social consumer goods coming from new branches in other cities, which should be counted as part of Shenyang’s figure. The bonus cap is 2 million yuan.

Support the introduction of large retail enterprises

Retail enterprises (including those transformed from branches) and industrial units newly introduced into Shenyang, will get a one-time reward of 500,000 yuan each time they create 50 million yuan growth of total retail sales of social consumer goods, with a ceiling of 5 million yuan.

Support the introduction of strong catering enterprises. 

Newly introduced catering corporations (including branches and "big individuals" that transform into independent accounting corporations), will get a one-time reward of 250,000 yuan for every 10 million yuan increase in total retail sales, up to a maximum of 1 million yuan.

Support the development of automobile enterprises

4S shops with annual retail sales surpassing 100 million yuan and achieving a year-on-year increase of 20 million yuan or more, are eligible for a one-time grant of 300,000 yuan; if the annual increase reaches 30 million yuan or more from the same period of last year, there will be another 200,000 yuan as one-off bonus.

Revitalize idle commercial facilities, especially those with investment of more than 30 million yuan, in key commercial blocks along the Golden Corridor, Zhongjie Street and Taiyuan Street. It is a crucial step in carrying out the second investment promotion and bringing in commercial circulation projects playing a leading role and also acting as a demonstration project, which should also conform with the development plan of the city and all districts.

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