Jiangsu Province Unveils Plan to Boost Consumption with Paid Leave and Smaller Concerts

Deep News
7 hours ago

Jiangsu Province's government office has released a new policy document aimed at accelerating economic growth, with provisions that include distributing health service vouchers to families with children under three years old.

According to the official notice, the province will implement the paid leave system for employees and increase the frequency of small and medium-sized concerts alongside local music festivals. These measures are part of a broader strategy to expand domestic demand and improve the quality of life for residents.

On the weather front, daytime conditions today will feature cloudy to overcast skies with scattered showers and thunderstorms. Temperatures are expected to reach a high of 29°C and a low of 25°C, accompanied by northeast winds of 4 to 5 on the Beaufort scale, with gusts up to 6 and 7 in riverside areas.

The comprehensive policy package, which spans multiple sectors from financial support to industrial modernization, was approved by the provincial Party committee and government. Key economic measures include accelerating fiscal expenditure and bond fund utilization, establishing a financial services platform for key provincial projects, and expanding the scale of inclusive finance risk compensation funds.

Structural reforms focus on optimizing patient capital investment mechanisms, encouraging insurance funds to enter Jiangsu, and supporting the construction of the Zijinshan International Sci-Tech Innovation Fund Street. The province plans to accelerate the operational deployment of provincial industrial merger funds and pre-REITs funds while supporting asset securitization for enterprises to revitalize existing assets.

To boost consumption, the province will optimize subsidy policies for trade-in programs and digital product purchases. Service consumption sees particular attention with the expansion of platforms like Taihu Bay Music Festival, building integrated systems combining performances and events. The night economy will deepen through construction of consumption clusters and expanding the scope of the "Super Jiangsu Night" activities.

Infrastructure development includes a major push on the "Six Networks" initiative, establishing green channels for key projects and introducing subsidy policies for new energy vehicle charging and battery swap facilities. Grid planning will integrate with computing network planning through "one map" coordination, with dedicated green channels for computing project power access.

Industrial transformation efforts target both traditional manufacturing upgrades and emerging pillar industries. Enterprises will receive support for capacity expansion, technological renovation, and digital transformation, while the province systemically pushes forward high-quality development of emerging industries through supporting policies and technology supply chain initiatives.

The document outlines plans to strengthen foundational research and key technology breakthroughs, including expanding the scale of regional joint funds with the National Natural Science Foundation. Companies, particularly large enterprises, will be encouraged to establish research institutes and take the lead in implementing provincial frontier technology R&D programs.

Artificial intelligence development receives special attention with incentive policies for AI scenario applications, industrial cluster development, and "Token vouchers" to support small and medium-sized enterprises in accessing computing resources. The province will encourage establishing AI industry development funds and support foundational model iterations.

Agricultural modernization targets core seed sources, intelligent agricultural machinery, and smart farming through provincial frontier technology R&D projects, with rewards for major breakthroughs in seed industry revitalization projects using an "open competition" mechanism.

Enterprise support measures include intensifying efforts to clear overdue payments owed to businesses, promoting fiscal interest subsidies for accounts receivable financing, and allowing qualified enterprises to defer employee basic pension, unemployment, and work injury insurance premium payments for up to six months.

Market environment improvements address nationwide unified market requirements, systematically reviewing policy implementation periods, and improving government-enterprise consultation mechanisms. The province will also optimize the "comprehensive inspection once" mechanism and streamline administrative penalty procedures for simple cases.

Financial support expands for private enterprises through continued on-site listing services, establishing a Jiangsu private enterprise investment fund, and promoting the "four-loan linkage" model to expand first-time loan coverage. Special funding will support enterprise participation in domestic and international exhibitions, cross-border e-commerce training, and overseas warehouse supply-demand matching activities.

Trade promotion measures include increasing export credit insurance support, dynamically improving enterprise lists for exchange rate risk management, and expanding the scope of foreign trade support mechanisms. The province will help advantageous industries connect with overseas resources and develop new growth areas combining AI with film and television exports.

Foreign investment attraction strengthens through measures to stabilize existing foreign investment, including special actions for attracting services industry investment and establishing an A-share listing cultivation alliance for foreign-invested enterprises.

The document also addresses land supply efficiency through establishing mechanisms for dynamic adjustment of territorial spatial planning, supporting advance land use for major infrastructure projects, and encouraging redevelopment of inefficient industrial land parcels.

Data resource availability improves through establishment of computing power sharing mechanisms and standardized computing power layout. Projects using a certain proportion of traceable green electricity will receive support including energy consumption indicators, with continued development of public service platforms for the data industry.

Green development initiatives include establishing "reservoirs" for carbon emission replacement and energy consumption indicators with cross-regional adjustment mechanisms, promoting direct green power supply to parks and projects, and constructing the National Carbon Measurement Center in Jiangsu.

Entrepreneurship and innovation receive support through various competitions and development of "Su Chuang" acceleration spaces across cities. The province will promote multiple entrepreneurship models combining scientific achievements, industrial development, vocational skills, and livelihood needs with entrepreneurship.

Investment strategies emphasize close integration of physical and human capital investment. The "Su Ying Talent" initiative supports introduction of leading talents for strategic industries, with establishment of recruitment stations outside the province and implementation of the "Excellent Postdoctoral" program.

Integration of advanced manufacturing with modern services gets a boost through development of guidance for service-oriented manufacturing in key industrial chains. Regulations will foster innovation and healthy development of platform economy while promoting transformation of manufacturing leaders into integrated service providers.

The policies connect livelihood improvement with consumption expansion by increasing job creation efforts and cultivating new professions that drive employment on a large scale. One-time employment expansion subsidies will be provided to enterprises and social organizations that stably hire college graduates and other young people.

Residents aged 0-3 will receive health service consumption vouchers, while elderly care service vouchers are being distributed. Paid leave implementation aligns with coordination of spring and autumn vacations for primary and secondary schools, and free public cultural facility coverage continues to expand.

Urban renewal initiatives link with real estate market stabilization through special bonds supporting urban renewal projects and accelerated renovation of old residential communities. Core quality land parcels will be acquired and prepared at faster pace, with quality land supply and project implementation prioritized.

The cultural-tourism-sports-business integration deepens through series of policy documents supporting high-quality tourism industry development. Digital RMB expands to support cultural and tourism consumption applications, while inbound and rural tourism receive active development support.

The province will increase cultural and tourism product innovation by launching special museum themed activities, increase frequency of small and medium concerts and local music festivals, and organize integrated consumption promotion activities like "Million Students Tour Jiangsu" combined with cultural tourism consumption voucher distribution.

All measures take effect from the date of issuance, with various departments required to strengthen policy coordination and implementation tracking to maximize benefits for businesses and residents.

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