China launches time-honored brand festival to promote consumption

China launched its 2023 Time-honored Brand Carnival on Saturday in Qingdao, East China's Shandong province, amid the country's efforts to promote consumption.

The carnival aims to provide more quality goods of the time-honored brands and create new consumption scenarios for consumers, said Commerce Minister Wang Wentao in a video address at the launch ceremony.

According to the Ministry of Commerce, 28 major activities will be held nationwide on three main themes, namely holiday consumption, live broadcasting and store exploration. The activities will be held both online and offline throughout the year.

Since 2020, the carnival has been held for three consecutive years, driving a total consumption of nearly 40 billion yuan ($5.94 billion) in related sectors.

The Central Economic Work Conference, which was held at the end of last year, stated that priority should be given to restoring and expanding consumption. The country has also planned to develop its time-honored brands and distinctive traditional cultural brands, according to a guideline on expanding domestic demand.

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