onsdag 25. mars 2020

Chinese consumers urged to splurge as economy begins path to normality

Electronics stores, coffee chains and even local authorities in China are slashing prices and handing out millions of dollars worth of discount coupons to kick start an economy battered by gradually easing, virus-fighting restrictions on movement. GOME Retail Holdings Ltd (0493.HK) and Suning.com Co Ltd (002024.SZ) plan to hand out over 620 million yuan ($88 million) worth of vouchers, while Alibaba Group Holding Ltd’s (BABA.N) Alipay is giving away 10 million discount tokens for 10,000 retailers on its app.

JD.com Inc (JD.O) said from Thursday it will give out 1.5 billion yuan ($212 million) worth of coupons for branded goods in categories including electronics. Even the railway authority will from Wednesday cut ticket prices by as much as 45%, while local governments such as those of Hebei, Zhejiang and Guangxi provinces are giving out vouchers for tourist attractions, cinemas and shops.