Shanghai to release consumption coupons on Sat

Shanghai authorities are planning to release 1 billion yuan worth of coupons in the coming months, the Shanghai Municipal Commission of Commerce announced on Wednesday.

Consumers can apply to receive digital consumption coupons starting on Saturday. The first batch of 200 million yuan ($29 million) worth of coupons will be up for grabs.

Consumers can apply for these coupons using apps including Alipay, WeChat Pay and UnionPay. Those who have their applications approved will each receive 100 yuan worth of coupons that can be used at designated retailers, restaurants and travel service providers.

Applications for the coupons will end on Aug 22. Successful applicants will receive their coupons on Aug 26. The coupons will be valid for 20 days.

The second batch of coupons totaling 500 million yuan will be issued in late September, and the rest will be released in late October.

This is the first time Shanghai has issued such consumption coupons. The capital behind the coupons will come from the municipal government's fiscal expenditure. The release of the coupons is part of Shanghai's efforts to boost consumer confidence and revitalize economic activity.