In China's Covid-19-hit economy, cities dish out dining and shopping coupons to revive spending
- China
- 5 min read
- Apr 13, 2020
- By Wang Xiao'e
Image: Shutterstock
Local governments are offering incentives to spend, but as millions have lost their jobs and income, more is needed to boost consumer confidence
While the coronavirus (Covid-19) outbreak was escalating in China, very few consumers were in the mood to shop. Meanwhile, with most businesses across the country shut down to contain the spread of the virus, their options were very limited even if they'd had the urge to buy.
The reduction in consumer spending, which contributed nearly 60% to China’s GDP in 2019, has given a huge blow to the economy. In the first two months of 2020, retail sales plunged 20.5% compared to a year earlier. And according to the macro-economic research team at Zhongtai Securities, the first quarter revenue from...
The reduction in consumer spending, which contributed nearly 60% to China’s GDP in 2019, has given a huge blow to the economy. In the first two months of 2020, retail sales plunged 20.5% compared to a year earlier. And according to the macro-economic research team at Zhongtai Securities, the first quarter revenue from...
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