Shaoxing city authorities roll out consumption-boosting measures at a time when economic growth is critical and the central government is watching closely
Shaoxing – a city known for its textile industry and a prized variety of cooking wine – will offer subsidies of up to 5,000 yuan (US$700) to banquet holders if they host five or more tables and spend more than 10,000 yuan, as part of a series of consumption-boosting policies unveiled at a press conference by the municipal government on Tuesday.
The measure came as some local officials have found themselves caught between an urgency to encourage spending amid strained economic growth and an emphasis from leadership on limiting extravagant practices amid Beijing’s anticorruption campaign.
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