hangzhou releases coupons to stimulate consumption and alleviate poverty
a costumer uses coupons on alipay to pay at a store in hangzhou. [photo provided to ehangzhou.com.cn]
hangzhou released nearly 100 million yuan ($14.18 million) in coupons on april 29 to boost consumption.
this is the sixth round of coupons to be released and is designed to encourage hangzhou residents to buy local products in enshi in hubei province and qiandongnan in guizhou province, part of the city's targeted alleviation efforts.
in order to stimulate consumption, which has been slowed due to the novel coronavirus crisis, hangzhou has released several rounds of coupons to residents.
the coupons have led to a boom in consumption. according to statistics released by the hangzhou commerce bureau, as of 4 pm on april 26, the hangzhou government had offered 375 million yuan in subsidies, prompting hangzhou residents to spend 4.1 billion yuan.
more than 80 cities and districts across the county released coupons to boost consumption, most of which were released on alipay, an e-payment platform operated by alibaba.
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