Financial hub Shanghai to issue 1 bn yuan coupons to boost consumption
Financial hub Shanghai to issue 1 bn yuan coupons to boost consumption

Financial hub Shanghai to issue 1 bn yuan coupons to boost consumption

 

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China’s commercial and financial hub Shanghai will issue 1 billion yuan digital coupons to boost consumption, the official Xinhua News Agency reported on Wednesday, citing information from Shanghai’s commerce bureau.

The coupons will be issued in three batches from late August to November and can be used in catering, retail, entertainment and tourism, said Xinhua. Shanghai consumers, aged 18 years and older, are eligible to apply the coupons on Alipay and WeChat Pay as well as an online payment platform by the state-run Unionpay.

Shanghai authorities in April introduced a series of measures, including subsidies for new-energy vehicles and increasing car plates supply, to boost the city’s auto consumption.

Shanghai’s second-quarter GDP contracted 13.7% from a year earlier due to a two-month citywide lockdown contain local Covid-19 outbreaks.