China manufacturing base rolls out plan to boost consumption, tourism and industrial output as Beijing seeks strong start to 2024

Henan province has increased its rewards for incoming tourist trains and planes, while also pledging to release a list of 100 key industrial projects

It also said it would start the construction of projects funded by government bonds by the end of June amid Beijing’s efforts to ensure a good start for the economy in 2024

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China’s central province of Henan has released a 17-point action plan to incentivise consumption, tourism and industrial production. Photo: Getty Images)

Published: 9:00pm, 2 Jan 2024

Amid China’s push to ensure a good start for its economy in 2024 to quell concerns from overseas investors and lift market confidence, the home of its largest iPhone and iPad assembly line has released a 17-point action plan to boost consumption, tourism and industrial production.

The central province of Henan would offer increased rewards of 35,000 yuan (US$5,000) for every incoming tourist train and 65,000 yuan for each chartered plane arriving in the first quarter, it said on Monday.

It also pledged to release a list of 100 key industrial projects by the end of January, and start the construction projects funded by government bonds by the end of June.

“We must push hard for a good start to first quarter economic growth, so that it can lay a solid foundation for the full-year targets,” the provincial government said.

The move came after China’s top leaders prioritised economic stability and progress at the central economic work conference at the start of December and also in President Xi Jinping’s New Year’s address on Sunday.

With China believed to have done enough to achieve its 2023 gross domestic product growth target of “around 5 per cent”, Beijing is expected to set a goal of 5 per cent or above for 2024 later this year.

The Henan government said it would also reward industrial firms 100,000 yuan if they exceed their production targets in the first quarter, and 200,000 yuan for those achieving a year-on-year operating revenue increase of more than 10 per cent.