(Fighting against New Coronary Pneumonia) Study suggests China to issue 500 billion consumer vouchers is expected to spur a total zero increase of 4.25%
China News Agency, Beijing, April 27 (Xia Bin) Since March, intensive consumption vouchers have been issued throughout China in order to stimulate consumption. How big is the role of consumer vouchers in driving consumption and increasing economic vitality? The latest study jointly released by Guanghua School of Management of Peking University and the Ant Financial Research Institute on the 27th stated that by comparing the daily consumption of Hangzhou with and without coupons, every 1 yuan (RMB, the same below) can be used The new consumption of 3.5 yuan, and this part of the new consumption further opened up room for consumption growth.
The study suggests that China will issue another 500 billion yuan worth of consumer coupons. If calculated based on the above 3.5 times new consumption driving effect, this will drive the total retail sales of consumer goods to increase by 4.25%.
At the same time, the study believes that digital consumer vouchers reflect fairness and inclusiveness, so that all citizens can easily obtain and use. According to the research, the most obvious new consumption driven by consumer vouchers are the lower consumption groups and the middle-aged and elderly groups. Among them, the pulling effect of low consumption groups is 5.0 times, which is 3.9 times higher than that of middle consumption groups and 2.6 times that of high-level consumption groups. In terms of age, people aged 41 to 50 have the highest consumption stimulating effect at 4.2 times.
The research team believes that China's consumer coupons can achieve good long-term driving force, and the digital issuance method is a key link. Digital consumption vouchers can avoid the possibility of cash transfer into savings, and are flexible in design, and can be designed according to local industry conditions and people's consumption habits to achieve precise customization and one policy per city.
According to Alipay data, over 50 cities such as Hangzhou, Zhengzhou, Foshan and Urumqi have issued consumer vouchers through Alipay nationwide, accumulating more than 10 billion yuan in consumption.
Liu Qiao, Dean of Guanghua School of Management, Peking University, believes that in the future, a "double-layer" consumption stimulus plan should be adopted to issue cash coupons to low-income groups and people in epidemic areas. At the same time, digital coupons will be issued in more cities across the country to ensure consumption Coupons are not "cashed out" and effectively enter the real economy, especially in the catering and retail industries that are severely affected by the epidemic, in order to drive consumption quickly, significantly and steadily. (Finish)