East Chinese city launches vouchers to boost consumption
HANGZHOU - The city of Wenzhou in East China's Zhejiang province will issue vouchers worth 1.8 billion yuan ($254 million) to boost consumption, the municipal government said Thursday.
Starting at 10:00 am on Saturday, residents in Wenzhou, a major commercial hub in the province, will be able to apply for the vouchers on Alibaba's online-payment service Alipay. Millions of vouchers, worth 68 yuan each, will be handed out.
Consumers can use the vouchers for offline payments within seven days after receiving them.
As the COVID-19 epidemic wanes in China, a number of local governments have started to offer vouchers to unleash consumption potential.
A survey conducted by Alipay shows that over 10 million businesses have benefited from the nationwide voucher campaigns with over 90 percent of them being micro, small and medium-sized businesses.
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