Hangzhou rolls out measures to stimulate economy

Hangzhou, Zhejiang province has rolled out a series of policies to encourage non-local workers to stay during the upcoming Spring Festival holiday from Jan 21 to 27. The goal is to maintain production levels, according to a notice released by local authorities at a news conference on Tuesday.

The city will adopt 30 measures for residents, migrant workers and visitors who come to Hangzhou during the Spring Festival to stimulate consumption, stabilize the economy and develop industry, the notice said.

Consumption vouchers and subsidies for enterprises will be offered to encourage non-local workers to stay put, including a 500-yuan ($78) bonus for those who pay their insurance in the city and who continue to work during the Spring Festival period.

Also, the local government has promised to hold about 200 online and offline job fairs in the first quarter of next year to attract and retain talent. It also promises financial aid to companies, the notice added.

A series of activities will be held to stimulate consumption during New Year's and Spring Festival, especially in the cultural and tourism industries. For example, the city's shopping malls have been encouraged to provide consumers with shopping coupons.

In the first quarter of next year, the city's State-owned A-level scenic spots will also offer free entry. Other A-level scenic spots will also be encouraged to open for free to attract tourists.

The notice said that local authorities will give high priority to maintaining production in key industries, such as manufacturing, information and software.

In addition, preferential measures will be provided for foreign trade companies to explore overseas business opportunities to smooth the operation of supply chains.

More than 150 business delegations will be organized by the city's bureau of commerce in 2023, with over 3,000 companies expected to travel abroad, according to Jin Huanguo, the bureau's deputy director, at the news conference.

About 1,000 companies will participate in overseas exhibitions to explore foreign trade opportunities in the first quarter of 2023 alone, Jin said. An increase in foreign trade orders valued at 100 billion yuan is next year's target.

Fang Xiaoying in Hangzhou contributed to this story.