Home » Henan Province Unveils Policies and Measures to Boost Consumption and Housing Market Growth

Henan Province Unveils Policies and Measures to Boost Consumption and Housing Market Growth

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Title: Henan Province Government Releases Policies to Stimulate Consumption and Support Housing Market

In a bid to boost consumption and support the housing market, the General Office of the People’s Government of Henan Province has recently issued a notice announcing several policies and measures. These policies aim to promote the healthy development of housing consumption, expand online and offline retail, and encourage the purchase and rental of houses.

One of the key measures outlined in the notice is the extension of the car purchase subsidy policy until the end of December 2023. Under this policy, consumers who buy new cars in the province will receive a subsidy of 5% of the car purchase price, with the provincial and municipal governments splitting the subsidy equally.

Additionally, the government plans to accelerate the construction of charging infrastructure for electric vehicles by providing financial subsidies for major charging equipment. It also intends to exempt demand (capacity) electricity charges for centralized charging and swapping facilities that implement a two-part electricity price system before 2030.

To support the consumption of smart electronic products and household appliances, the government will continue its subsidy policy until the end of December 2023. Rewards and subsidies will be provided by the provincial finance department, not exceeding 30% of the actual fiscal subsidy expenditures.

The notice also highlights the importance of promoting housing consumption. Families with underage children and elderly individuals who rely on pensions to purchase newly-built commercial housing will be eligible for house purchase vouchers or housing purchase subsidies. College graduates employed in the local area will also receive a one-time monetary subsidy for purchasing a house, in addition to existing policies supporting talented individuals.

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Foreign businessmen, migrant workers, and returnees are encouraged to introduce policies that support the purchase and rental of houses, catering to the reasonable demand for renting and purchasing properties. The government will support research and the implementation of policies and measures to facilitate group purchases of commercial housing based on the principle of job-housing balance.

In an effort to expand online consumption, the government plans to issue e-commerce platform consumption vouchers, rewarding enterprises that increase online retail sales. It aims for the year-on-year growth rate of online retail sales of physical goods to surpass the national average.

Furthermore, the subsidy policy for consumer vouchers in retail, catering, cultural tourism, and accommodation will continue until the end of December 2023. The provincial finance department will provide rewards and subsidies not exceeding 30% of the actual financial expenditure of the provincial cities.

To encourage sports and fitness activities, the distribution of provincial-level sports and fitness coupons will be increased in 2023. The coupons will cover a wider range of activities, including soccer, basketball, volleyball, badminton, table tennis, tennis, swimming, and more.

Lastly, the government aims to promote the consumption of Yujiu, a local alcoholic beverage, by subsidizing promotional activities such as “scan the code to win red envelopes” and “buy wine and get a gas card”.

While these policies and measures are aimed at stimulating consumption and supporting the housing market, it is essential for individuals to exercise caution and make informed investment decisions.

Disclaimer: The information provided in this article is for reference only and should not be considered as investment advice. Individuals are advised to proceed with caution and undertake their own research.

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