By staff reporter Yuan Fang
Hangzhou, capital of east China's Zhejiang Province, will issue another 600 million yuan (US$87.7 million) in coupons nationwide this year, announced Cai Qi, mayor of Hangzhou, during a group interview Thursday in a side-session to the ongoing annual assembly of the National People's Congress.
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Cai Qi, mayor of Hangzhou |
The coupons will be divided into two parts: travel coupons to attract people from other cities to visit Hangzhou, and training coupons which will be distributed to local college graduates and migrant workers to cover part of their training expenses before finding a job, according to Cai, also a NPC deputy.
He did not specify when the coupons will be distributed and how.
Previously, the scenic city has issued coupons worth 220 million yuan in total to low-income families and primary and middle school students to stimulate local spending.
"The issuing of coupons has proved a helpful measure in improving people's livelihood and stimulating local demand at this particular time when the global financial crisis is hitting the local economy," said Cai. At the same time he admitted that the policy is far from flawless and needs further refining.
Like Hangzhou, other cities in China including Nanjing, Chengdu, and Shenzhen have also issued coupons in an effort to encourage local consumption amid the economic downturn.
(China.org.cn March 7, 2009)