Shenzhen will distribute 500 million yuan ($76 million) in consumption vouchers to residents in a move to boost spending as the five-day May Day holiday on the Chinese mainland approaches.
The vouchers cover 400 million yuan in shopping, 60 million yuan in catering, 10 million yuan in tourism and sports, and 30 million yuan as digital “red packets”, the city’s commerce bureau said on Wednesday.
The vouchers cover 400 million yuan in shopping, 60 million yuan in catering, 10 million yuan in tourism and sports, and 30 million yuan as digital “red packets”, Shenzhen’s commerce bureau said on Wednesday
The move is part of Shenzhen’s broader efforts to ease the financial difficulties of businesses and individuals caused by the COVID-19 pandemic. On March 25, local government launched 30 relief measures to help those affected sectors and people weather the economic storm, including rent concessions, tax reductions, preferential loans.
The consumption vouchers will be disbursed in phases through the online e-commerce platforms of Meituan and JD.com.
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The first batch of catering, tourism and sports-related vouchers were sent out via Meituan at noon on Thursday, with the digital money snapped up in just a minute. The rest of the vouchers will be rolled out at noon on May 5, 12 and 19.
The 400 million yuan in shopping-related vouchers will first be given out via JD.com at 10 am on May 1. Later rounds will follow at 10 am on May 17, 28 and June 30.
The vouchers can be used to buy things like electronic products, apparel, accessories, and gold and jewelry.
Distribution of the 30 million yuan digital “red packets” will start in late May, the bureau said.
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