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According to reports, the Beijing municipal government will issue consumption vouchers to the value of R29 Billion to citizens.
The Beijing municipality government plans to issue 12.2 billion yuan (R29 Billion) in consumption vouchers, which can be used to shop online or in physical stores in sectors that also include catering, shopping, tourism, education and sports. Reports say distribution is said to begin on Saturday 6 June.
Retail sales in the city have slumped by 20.4% during the first four months of the year, according to the Beijing national statistics bureau, this is worse than the national decline of 16.2%.
At least 50 other cities across China have distributed vouchers via e-payment systems, amounting to more than 6 billion yuan. According to Bloomberg, these cities include Wuhan, Hangzhou, Nanjing, and Shenzhen.
