Economic activities regaining vitality in world's largest market(3)

2020-04-13 08:34:47Xinhua Editor : Mo Hong'e ECNS App Download
Special: Battle Against Novel Coronavirus


In early March, Chinese authorities released a guideline aimed at boosting consumption and unleashing the potential of the domestic market to cushion the blow of the epidemic on economic activities.

A number of Chinese cities have answered the call by rolling out voucher programs.

Wang Renyuan, a 23-year-old citizen of Quzhou city, east China's Zhejiang Province, received three coupons issued by the local government.

In order to use a food and beverage coupon, Wang went to a hot pot restaurant with his friends last Sunday. "I only spent about 250 yuan. This meal is quite cost-efficient after using the coupon," said Wang.

From April 4 to 6, more than 3.1 million yuan of coupons has been issued in Quzhou, generating a total consumption of over 18.2 million yuan.

So far, more than 20 provinces and cities in China have launched similar voucher campaigns, worth over 5.6 billion yuan.

Boosted by the economic stimulus measure, according to Yintai Department Store, a famous retail chain, 10 stores in Hangzhou, capital of Zhejiang Province, witnessed an increase of nearly 50 percent in passenger flow in the last weekend of March, compared with the first three weekends.

Small business owners also benefit from the voucher campaigns.

Alipay data showed that more than 10 million offline businesses nationwide have benefited from consumption coupon campaigns, of which more than 90 percent are small and medium-sized businesses.

According to the Zhongtai Securities Research Institute, consumption coupons will generate a positive effect on the total retail sales of consumer goods, which may lead to an annual sales growth of over 8 percent this year.

Meanwhile, several Chinese provinces and cities are introducing a 2.5-day weekend to give residents more free time and stimulate tourism.

On March 19, eastern China's Jiangxi Province issued a notice, calling on companies to create 2.5-day weekends to give workers more time for short trips. Under the plan, workers are allowed to take off at noon on Fridays before coming back to the office Mondays.

"The plan has detailed supporting measures, and will play a positive role in stimulating tourism consumption," said Cao Guoxin, deputy secretary-general of the Jiangxi Tourism and Culture Research Association.

(Video reporters: Sun Qing, Chen Aiping, Chen Jie, Pan Xu; video editor: Wei Yin)


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