Local governments issue vouchers to boost consumption
As the Spring Festival approaches, many local governments have stepped up their efforts to boost consumption by issuing vouchers and launching a range of promotion activities, according to the Securities Daily.
Such efforts were encouraged by the Ministry of Commerce, which worked with relevant local departments to prioritize economic recovery and boost consumption by fine-tuning the implementation of policies and initiatives, according to the ministry’s spokeswoman Shu Jueting at a regular press conference.
Shenyang, the capital of Liaoning province, will distribute 100 million yuan of Spring Festival consumption coupons from Jan 10 to Feb 28, aiming to encourage sales in automobiles, home appliances and retail.
In Tianjin, the second phase of 115 million yuan of vouchers will be issued from Jan 11 onwards, with four categories of vouchers for automobiles, home appliances, retail and catering sectors.
Encouraging consumption is on the top of the agenda in 2023, said Fu Yifu, a senior researcher from the Star Atlas Institute of Finance.
It is timely that many places across the country are issuing vouchers, which are expected to be more effective in boosting consumption, given that people are more willing to spend during the upcoming Spring Festival, which is traditionally the peak season for consumption, Fu added.
The move has reduced household burdens, injected vitality into the consumption market and enhanced confidence in economic recovery, said Zhang Yiqun, deputy director of the China Special Committee on Budget Performance.