Guangzhou, capital of Guangdong province, has put in place trade-in subsidies for compatriots from Taiwan and the Hong Kong and Macao special administrative regions as well as foreign nationals, in order to further spur and expand consumption.
The move also aims to help the large number of merchants and business representatives from outside the mainland who attend the 137th China Import and Export Fair, enhance their shopping experiences as well as fully sense the charm of the southern metropolis, which is an international consumption center.
The trade fair, the largest such event in the country, opened in the city on Tuesday and will last until May 5. It is expected to attract a large number of overseas merchants and business people in the following weeks.
More than 253,000 offshore buyers and business representatives from 214 countries and regions attended the previous fair, commonly known as Canton Fair, which was held in the city in October.
According to the guidelines for Hong Kong, Macao and Taiwan compatriots and foreigners participating in the Guangzhou 2025 consumer goods trade in program, the trade-in subsidies are subject to a total amount limit, and subsidy eligibility is on a first-come, first-served basis until fully utilized.
Huang Fei, head of the department of circulation business development at the Guangzhou Bureau of Commerce, said the launch of the guidelines is expected to provide more affordable, convenient and green consumption choices for overseas merchants and business people.
"To this end, the bureau will continue to optimize service processes, increase publicity efforts and continuously expand the scope of policy benefits, allowing more consumers to experience the openness and inclusiveness of Guangzhou, known as a 'millennium commercial capital', in the following months," Huang said.
Under the guidelines, which is effective till the end of the year, consumers are encouraged to trade in old for new from vehicles, mobile phones, computers, smartwatches, home appliances digital products and a related wide range of products, he said.
All compatriots from Hong Kong, Macao and Taiwan and foreign nationals who hold valid passports, permanent residence identity cards and related travel documents in the city are qualified to apply for and enjoy the trade-in subsidies if they have a local mobile phone with the WeChat payment wallet and a bank account, he said.
The subsidies will reach up to 20,000 yuan ($2,816) if the consumers trade in their old vehicle for a new energy car, and 2,000 yuan, or 20 percent of the prices, for a household appliance, according to the guidelines. Each person can utilize the trade-in subsidies to purchase a maximum of three air conditioners.
