China News Service, Beijing, April 7th (Reporter Wei Xi) As of 4 pm on April 6, Hangzhou Electronic Consumer Bonds Phase I paid 145 million yuan in government subsidies, driving consumption of 1.805 billion yuan in Hangzhou. The second phase of electronic consumer vouchers paid for government subsidies of 57.36 million yuan, driving consumption of 421 million yuan in Hangzhou.
In the three days of the small holiday, the consumption vouchers drove Hangzhou to spend 700 million yuan. Corresponding to the issuance of electronic consumer vouchers in Hangzhou, according to the statistics of the Zhengzhou Municipal Bureau of Commerce, since the consumer vouchers were issued on April 3, as of 13:00 on April 6, government subsidies of 17.01 million yuan have been paid, driving Zhengzhou market consumption of 201 million yuan Presents an amazing multiplier effect.
Yang Chang, chief economist at the Institute of Public Policy and Governance at Shanghai University of Finance and Economics, believes that consumer vouchers are conducive to achieving accurate blood production. Compared with "compensating enterprises", in the digital era, it is easier to achieve the purpose of supporting the industry by using consumer coupons to "compensate residents". It has three advantages:
The first is "rapid". Compared with enterprise production, residents' consumption is more effective. The short-term stimulus effect of consumer vouchers on residents' consumption is very obvious. The effect of issuing consumer vouchers in Hangzhou is also very obvious. At 4 p.m. on March 29, Hangzhou consumer vouchers have paid 28.93 million yuan in government subsidies, driving market consumption of 453 million yuan, a stimulating effect of 15 times. According to our study on the actual effect of issuing consumer vouchers in Hangzhou in 2009, consumer vouchers are also extremely rapid in boosting the growth of total retail sales of consumer goods. In the early period, the growth rate of total retail sales of consumer goods was significantly weaker than that of the country. It was quickly repaired in the short term and exceeded the national average.
The second is “precision”. The consumption vouchers are issued through the real-name digital life platform, which is more accurate. The large-scale digital life platform covers a wide range, and can support different industries according to the different needs of local governments. For example, Alipay's "real-name system" can effectively prevent the risk of consumer coupons being collared, making policy implementation more precise. At the current stage of the "compensation enterprise" measures, I personally understand that the core purpose is to ensure employment. Therefore, the calculation of the amount of subsidies is based on the number of employees. The original intention of this policy is no problem, but there will be some changes in the actual implementation. Traditional labor-intensive enterprises and large-employment households will receive more subsidies; on the other hand, small and medium-sized enterprises are characterized by a large number of enterprises, but a single enterprise accommodates less employment, and there will be "sprinkle pepper noodles", which is difficult to fundamentally To alleviate the pressure on the company ’s cash flow.
The third is more conducive to the realization of "blood production" rather than simple "blood transfusion". In the short term, if the company is replenished, it is transfusion of blood to the enterprise to prevent the enterprise from being under pressure due to the rupture of cash flow, which in turn leads to layoffs. However, if the downstream demand is difficult to repair in the short term, continuous blood transfusion not only fails to repair the endogenous power of the enterprise, but also puts pressure on the government's financial resources. Therefore, the cities that currently take measures to "compensate enterprises" are often individual large cities, and have certain expectations on their own demand side. They believe that they have certain impact resistance and rigidity and will not fluctuate significantly. However, most cities often choose to issue consumer vouchers to "replenish residents", which is more similar to improving the "blood-making" ability. By quickly promoting the repair of downstream demand in the short term, upward transmission will lead to the repair of business operations, which will lead to positive feedback, and the effect will be more obvious. (Finish)