Cities in China handing out coupons to boost consumption
Several cities in eastern China including Nanjing, Qingdao and Ningbo started giving away e-vouchers through mobile payment platforms to ‘raise residents’ purchasing power’. The RMB 50 million worth of municipal vouchers issued by the Nanjing government can be redeemed for various commodities, including food and beverages, sports facilities, books, and others. The incentives are distributed through a lottery drawing system, which requires residents to register and apply for participation through the executive app developed by the authorities. Domestic spending was drastically reduced by the Covid-19 outbreak, which has resulted in a decline in retail sales in China by 20.5% year on year in January and February.