Ministry of Finance and Ministry of Commerce: Carry out pilot projects in new formats, models, and scenarios of consumption.

On September 30, the Ministry of Finance and the Ministry of Commerce issued the "Notice on Carrying out Pilot Work on New Formats, New Models, and New Scenarios of Consumption." It states that the scope of application for pilot cities is cities at the prefecture level and above. Support will be given to around 50 cities to carry out pilot work, mainly tilting towards super-large and mega-cities with large population bases, strong driving forces, and good development potential. The policy implementation period is two years. The central government will provide financial subsidies to the pilot cities. During the implementation period, super-large and mega-cities will receive a total subsidy of 400 million yuan per city, large cities will receive a total subsidy of 300 million yuan per city, and other cities will receive a total subsidy of 200 million yuan per city. The subsidy funds will be distributed in two installments. In the first year of the pilot, a partial amount of funds will be allocated, and the remaining funds will be distributed based on performance evaluations. Pilot cities may support eligible business entities through subsidies, rewards, and other means according to market principles. The original text details the goals, scope, directions, procedures, and requirements of the pilot work on new consumption formats, models, and scenarios. It emphasizes the importance of boosting consumption, improving the quality of consumption supply, and promoting economic development through innovation and support for new consumption initiatives. Additionally, it outlines the process for selecting pilot cities, evaluating their performance, and allocating financial subsidies. The initiative aims to drive economic growth, enhance consumer satisfaction, and stimulate innovation in the consumption sector.