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China seeks to reinvigorate consumption on Labor Day holiday

China, economía, consumo, Día del Trabajo

China seeks to reinvigorate consumption on Labor Day holiday

Beijing, Apr 29 (Prensa Latina) The government of China is resorting to coupons, promotions and other incentives to boost consumption during the Labor Day holidays and support companies affected by the fight against the outbreak of Covid-19.
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Millions of yuan worth of coupons that can be used to buy everyday products, as well as cars, entertainment items and home appliances will be handed out in cities like Shenzhen, Ningbo, Fuzhou, or in municipalities like Tianjin.

A growing number of cities in other regions offer discounts and distribute so-called “red envelopes” containing digital yuan under a pilot test.

These and other initiatives follow the Government’s call to provide more support to businesses hit by the outbreak of Covid-19 and to revitalize consumption, one of the main engines of economic growth and which fell 3.5 percent in last March.

To stabilize the market, the State Council promised to reduce taxes, electricity rates and rent payments, as well as provide subsidies and loans to small and medium-sized enterprises engaged in services, retail sales of everyday items, gastronomy and tourism, among other sectors.

Observers indicate that May will be a vital period to recover consumption in the second quarter of 2022, although expectations are modest due to the foreseeable decrease in domestic travel during the Labor Day holiday.

A 62% year-on-year drop in internal displacement is expected as many provinces have adopted mobility restrictions, some closed popular tourism destinations and others capped visitor capacity.

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