China-Singapore Jingwei Client, April 1st (Xu Shiming) In response to the impact of the new crown pneumonia epidemic, at present, Japan, South Korea, the United States and many other countries have announced that they will issue subsidies directly to the public. In addition, consumer coupons have been introduced in many places in China to promote consumer spending.

Cash grants in multiple countries

According to a report by Yonhap on March 30, in response to the impact of the new coronavirus (COVID-19) epidemic, the South Korean central government will work with local governments to allocate a budget of 9.1 trillion won (about 52.79 billion yuan) to the downstream 70 % Of families issue disaster subsidies. It is reported that 70% of the households in the lower reaches of the income are about 14 million households. The subsidy standard for 4-person households is 1 million won (approximately RMB 5800 yuan). The subsidy standard for 3-person households is 800,000 won. The subsidy rates are 600,000 and 400,000 won, respectively. The report pointed out that the plan to issue emergency disaster subsidies will be approved by the South Korean parliament in April, and South Korean President Moon Jae-in also said that he will try to issue subsidies to the nationals by mid-May.

As early as March 12, Australia announced direct cash distribution, and Australian Prime Minister Morrison announced that from March 31, about 6.5 million people will be given a one-time cash subsidy of $ 750 per person.

Subsequently, Britain, Germany, Canada, the United States, Japan and many other countries successively announced "spread money."

On March 20th local time, the German government launched an economic assistance plan: small businesses and self-employed individuals will receive a total of 50 billion euros in direct subsidies, and large enterprises will receive 600 billion euros in bailout funds. On the 27th local time, the German Senate reviewed and approved the aid plan. According to media reports, the first batch of funds will be distributed to enterprises or individuals in need before April 1.

Sino-Singapore warp and weft data map

On the afternoon of March 27 local time, the US House of Representatives passed a $ 2 trillion economic stimulus bill, and 250 billion of the bill will be used for direct cash assistance. Direct cash assistance includes that individuals with an annual income of up to $ 75,000 will receive a check of $ 1,200, and families with a maximum income of $ 150,000 will receive a check of $ 2,400, an additional $ 500 per child, and an annual income of more than $ 75,000. The number of cash checks will decrease.

Consumption vouchers issued in many places in China

Since the outbreak of the epidemic, domestic service consumption such as catering, accommodation, cultural tourism, etc. has been significantly affected. Data show that from January to February, the total retail sales of consumer goods in China was 5,213 billion yuan, a year-on-year decrease of 20.5%. Among them, catering revenue fell 43.1% year-on-year, and retail sales of goods fell 17.6%.

In order to stimulate consumption, as early as March 2, Jinan announced that it has launched a 20 million yuan Huimin consumer coupon for cultural tourism companies such as tourist attractions, travel agencies, movie theaters, performing arts venues, and bookstores to stimulate cultural tourism consumption.

Immediately after, Nanjing and Hangzhou also announced the issuance of consumer vouchers.

On March 13, Nanjing announced that it would issue a total of 318 million yuan of consumer coupons. The three types of consumer vouchers such as people in difficulty, union members, and rural tourism will be issued in accordance with the relevant requirements in the system; the four types of consumer vouchers such as catering, sports, books, and information will be issued publicly through multiple batches of online lottery. Among the 50 million yuan of electronic consumer coupons, catering, sports, books, and information were 20 million yuan, 10 million yuan, 7 million yuan, and 13 million yuan, respectively.

On the evening of March 26, Hangzhou announced the distribution of 1.68 billion yuan of consumer coupons to all personnel in Hangzhou. The government issued a quota of 500 million yuan for this round of coupons, of which 15 million yuan was used for subsidies for the needy, and the remaining 485 million yuan was used for the issuance of electronic coupons. The cycle of consumer coupon activities was from March 27 to May 31. At the same time, the business matching discount limit is about 1.18 billion yuan, and the actual total value of consumer coupons is expected to reach 1.68 billion yuan.

Photo by Xin Jingwei, Xu Shiming

On March 31st, the “2020 Enjoy Luohu” event opened. Shenzhen Luohu District will issue 30 million yuan WeChat electronic consumer vouchers to Shenzhen residents. With the card coupons in the WeChat card package, citizens can include “ Fresh products, daily necessities, clothing and apparel, household appliances, gold jewellery "and hotels and restaurants.

According to incomplete statistics, since March, Shenzhen, Chongqing, Hangzhou, Nanjing, Jinan, Ningbo, Jiaxing, Qingdao, Qinhuangdao, Nanchong, Deyang, Jiande and other cities, as well as Zhejiang, Liaoning, Jiangxi, Hebei, Anhui, Guangxi and other provinces issue different forms of consumer vouchers.

Agency: Expected additional consumption of about 62.9 billion yuan

Everbright Securities Research report introduced that compared with the way of "spreading money" directly to residents, consumer coupons can be more directly converted into consumption; compared with targeted consumer coupons (such as food stamps, travel coupons, etc.), general consumer coupons can Meet different consumer preferences. From the experience of Japan and Taiwan of China, the additional pull of consumption coupons on consumption is between 10% and 40% (the average may be 20%).

"Consumer vouchers are used to stimulate consumption and release consumer demand through subsidies. From past experience, consumer subsidy policies generally drive a new high in consumption growth in the short term. Especially in the areas supported by consumer vouchers, they will appear in the short term. Consumption is growing rapidly. Therefore, the pulling effect on short-term consumption is relatively obvious. "Zhao Ping, director of the International Trade Research Department of the China Council for the Promotion of International Trade, pointed out.

According to the analysis of the CITIC Securities Research Report, the classification and calculation results of the localities show that under the neutral assumption, the total size of the national consumer coupons is expected to be about 34.9 billion yuan, while the optimistic and pessimistic assumptions are 58.6 billion yuan and 22.6 billion yuan, respectively.

The research report further points out that in a neutral scenario, the estimated new consumption scale brought by consumer coupons is about 62.9 billion yuan, which is very small compared to the total of about 41 trillion social zero in 2019. The pulling action is limited. However, it may have important bail-out significance for enterprises, such as retail, catering and entertainment, and those in need.

For the introduction of different forms of consumer vouchers in Nanjing, Jinan, Ningbo and other places, on March 18th, Ha Zengyou, director of the Division of Employment Income Distribution and Consumption of the National Development and Reform Commission, said, “Support localities to launch a number of pragmatic and practical purposes based on their own actual conditions There are two aspects to local policies: first, we must consider the local financial affordability; second, we must truly benefit market participants and the broad masses of the people, and really do good things. "(Zhongxin Jingwei APP)

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