The cities that issue coupons include large, medium and small cities, among which Hefei has a relatively strong distribution of coupons. Hefei municipal financial capital invested 4 million yuan, focusing on catering, shopping malls, supermarkets, automobiles and other circulation fields. Among them, the catering industry is 15 million yuan, the supermarket industry is 15 million yuan and the automobile industry is 1 million yuan.

Chang Yang, chief analyst of Zhongtai Securities Research Institute, told CBN that for the government to issue coupons, it is more the behavior of local governments. For real coupons, it is actually the local governments that leverage and use financial resources to transfer payments to residents. This is of positive significance to the improvement of residents' disposable ability.

However, Chang Yang believes that many coupons at this stage are not real coupons, but a means of promotion, which has a certain driving effect on merchants' sales, but its effect on per capita disposable income is still limited.

among the coupons issued by these cities, although some activities are held in the official name, they are not really coupons issued by the government, but promotional coupons jointly promoted by merchants.

for example, on December 8th, the 4th "Enjoy Lanzhou? The activity of "Tesco Jincheng" was officially launched, and it adopted the way of "government set up a stage, enterprises sang operas, and government, banks and enterprises interacted". Gansu Branch of China UnionPay invested 2 million yuan to distribute six kinds of coupons such as supermarkets and restaurants through the China Unionpay Quick Pass platform.

in fact, China unionpay is deeply involved in the activities of issuing coupons in various places.

on December 1th, Bayannaoer city, Inner Mongolia issued 1 million yuan coupons, which were used in physical stores such as accommodation and catering, daily necessities and electrical appliances, large supermarkets, and refined oil consumption. Bayannur City invested 2 million yuan in the commercial circulation industry to promote consumption, 5 million yuan in matching funds from the governments of counties and districts, and 3 million yuan in Inner Mongolia Branch of China UnionPay.

from December 17th to 26th, Zhengzhou will jointly hold the "Taste the Central Plains" food festival with key food blocks, shopping centers and brand catering enterprises in the city, and launch special food markets, special dishes, full delivery, discounts and blind boxes for warm winter snacks, and UnionPay "China Unionpay Quick Pass" will provide 5 million yuan food coupons.

boosting consumption is a long-term problem

"issuing consumer vouchers is suitable for restoring market confidence after the epidemic and solving the problem that consumers are afraid to go out after the epidemic. But it is unrealistic to continue for a long time, and the marginal effect will decrease. " Ou Jianwei said.

She believes that the consumption psychology and demand in the new retail era are often for things rather than things. Usually, consumption is a necessity and just needed, and festival activities are incremental consumption. In order to boost consumption, the government can also consider holding specific festivals to create a festive atmosphere and boost consumption.

the main purpose of issuing coupons in various places, whether it is to promote the recovery of consumption after the epidemic or to rush to the peak consumption season at the end of the year, is to boost consumption and expand the contribution of consumption to economic growth.

Fu Linghui, a spokesperson for the National Bureau of Statistics, said at a recent press conference that from the perspective of China's economic development, the contribution of consumption to economic growth declined last year due to the epidemic, and this year's contribution of consumption to economic growth is steadily increasing. At the same time, investment is improving. Overall, the contribution of domestic demand to economic growth remains at a high level. In the first three quarters, domestic demand contributed more than 8% to economic growth.

However, while the contribution of consumption to economic growth has increased, it has also been impacted by many reasons, such as the epidemic situation.

according to the data of the national bureau of statistics, the spread of the epidemic in many places has obvious impact on the consumer market. In November, COVID-19 epidemic occurred in many places in China, which had a great impact on residents' consumption, especially catering and other aggregate consumption, and the growth rate of market sales slowed down. In November, the total retail sales of social consumer goods increased by 3.9% year-on-year, and the growth rate dropped by 1 percentage point compared with October, among which the catering income changed from growth to decline.

Chang Yang said that from the perspective of two-year span, consumption is still repairing the channel. Compared with November 219, the total retail sales of social consumer goods in November this year increased by 7.7% year-on-year, of which the price factor increased by 2.3% and the quantity factor increased by 5.4%, and the growth of quantity is still continuing. However, from a short-term one-year perspective, consumption shows signs of weakening. After the conversion, the social zero increased by 4.2% year-on-year, down .1 percentage point from last month.

He believes that the role of consumption in economic growth has been restored to a normal level, and its role is still relatively obvious. To boost consumption, we need to continue to promote reforms in the fields of education, medical care and housing, reduce the cost of residents and increase their actual disposable income.

Liu Zhibiao, business school of Nanjing University, told CBN that the practice of issuing consumer vouchers is effective in solving short-term problems, but the long-term promotion of consumption lies in improving income level and productivity. The government's measures are effective, but at present, local governments are also under pressure, so it is necessary to reduce expenditure and promote their own reforms.

Fu Linghui said at the aforementioned press conference that consumption has been disturbed by the epidemic in the past two years. But overall, the trend of consumption upgrading continues. In the next stage, there are still many favorable conditions for the recovery of the consumer market. First, China's employment situation remains stable, corporate profits maintain rapid growth, and the increase in residents' income is guaranteed. Second, the market's stable supply and price is strong and effective, consumer prices generally rise moderately, and consumer expectations are generally stable. Third, the gradual recovery of the economy and the continuous improvement of social security are also conducive to enhancing consumer confidence. Among the per capita income of residents in the first three quarters, the transfer income maintained rapid growth.