Beijing is reportedly giving its citizens R29 billion to go shopping

Citizens of Beijing are set to have a government-funded shopping spree as the city hands out 12.2 billion yuan, or R29 billion, in vouchers, according to a report from Bloomberg.

In addition to shopping, the vouchers can be used for catering, tourism, education, and sports, the report said.

The vouchers come as China seeks to recover from the economic fallout from the coronavirus. Retail sales fell by over 20% earlier this year due to the shutdowns.

As the first country hit by the coronavirus, which originated there, China has also had a head start in its economic recovery from the shutdowns. China’s economy bounced back in May, as other countries around the world are just starting to recover.

Beijing is not alone in handing out the vouchers – over 50 cities across China are offering similar handouts, according to the report, including Wuhan, Shenzhen, and Hangzhou.

Source: businessinsider.co.za/