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Consumption coupons have been issued in several Chinese cities as a way to stimulate local markets. Among them, Hangzhou and Chengdu have both reported a surge in consumption as a result of the initiative.
However, debate is becoming increasingly heated over whether such a practice should be promoted nationwide. While supporters say the temporary stimulation can help restore people's confidence in consumption, others argue that a more fundamental solution is needed.
Our reporter Dan Dan has more.
Earlier this month, the eastern Chinese city of Hangzhou handed out coupons worth 100 to 200 Yuan to the city's low-income households and all the primary and middle school students. The number of beneficiaries was estimated at 580,000.
The move gained a positive response when people's spending surged. The city is now considering increasing its efforts by paying part of the wages of civil servants in consumption coupons.
Lina Cheng, a civil servant working in Hangzhou, says she agrees with such a proposal as long as the coupons can be used in major supermarkets and shopping malls.
"As for myself, I need to spend on daily necessities and clothes every month. Therefore, I can accept it if one-tenth of my wage is turned into consumption coupons."
Following the positive example set by Hangzhou, many other cities in China are considering carrying out similar practices. However, experts hold mixed views regarding whether the move should be promoted nationwide.
Li Weisen, deputy dean in the School of Economics at Shanghai-based Fudan University, is a firm supporter.
"You see both the CPI and PPI figures of January are declining. This obviously demonstrates a lack of confidence in consumption. These coupons can, in the short term, help restore consumers' confidence and encourage them to spend more. That is something urgent for us."
But some other insiders are more cautious. Jia Kang, director of the Institute for Fiscal Science Research under the Ministry of Finance, says his attitude towards the issue depends on to whom these coupons would be given.
"If the coupons were to be allocated to everyone, I would disagree. But if local governments hand out coupons only to low-income families, as some cities have experimented, I would agree."
Jia Kang says coupons only have a one-off stimulus effect. The fundamental solution to stimulating consumer confidence is to optimize and keep improving the already existing social security system.
"The management framework has already been established. What we need to do is keep improving this framework and make the mechanism effective in the long term."
Earlier, when asked about the issuance of such coupons, China's vice Minister of Commerce, Jiang Zengwei said it's a proper and feasible action taken under special circumstances. But he pointed out that the Chinese government is working on two major reforms to fundamentally drive up domestic consumption.
"One is in the healthcare system, for which we have been preparing and is about to launch soon. The other is an education scheme. It's soliciting opinions. Once implemented, both will help enhance consumption, particularly in rural areas."
On the other hand, the official says the central government is keen on increasing earnings for the country's low-income families.
All efforts to boost consumption come as the global economic downturn has dealt a serious blow to the consumer's confidence in spending.
Dan Dan, CRI news.
