Hunan e-coupons to fuel consumption
Print Edition
Central China’s Hunan Province will issue e-coupons to boost consumption, following similar voucher programs launched by several Chinese cities to bail out the service sector hit hard by the COVID-19 outbreak.
The province’s department of finance and trade unions federation announced the decision to issue the year’s holiday allowances in advance in the form of e-coupons in a notice on “boosting the market and stabilizing employment with active consumption.”
Recipients of the e-coupons include trade union members and employees of government units, institutions and enterprises, the notice said.
The coupons could be spent in brick-and-mortar stores in sectors, including catering and tourism, across Hunan. The consumption, however, must be completed before May 6.
Compared with gifts and pick-up coupons, officials said e-coupons are more flexible, and its term of validity can also encourage the recipients to consume as soon as possible, thus helping the real economy, especially small- and medium-sized firms in the service sector, tide over the epidemic.
In early March, Chinese authorities released a guideline aimed at boosting consumption.
A number of Chinese cities have answered the call by rolling out voucher programs. Ningbo in the eastern Zhejiang Province recently launched a sales promotion campaign with a raft of enterprises providing consumers with vouchers and coupons worth around 20 billion yuan (US$2.82 billion).
Nanjing, capital of the eastern Jiangsu Province, has announced the issuance of over 300 million yuan of vouchers to its residents and those in difficulties to spur spending and hasten the resurgence of its service industry.
Online retailer Suning.com also distributed vouchers worth 500 million yuan to its users nationwide to encourage them to purchase goods at its online and offline stores.
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