12b yuan coupons to boost demand

Business | Agencies and Stella Zhai 5 Jun 2020

Beijing announced plans to give away 12.2 billion yuan (HK$13.28 billion) in coupons to stimulate consumption demand following the pandemic.

The first batch of coupons will be available this Saturday at e-commerce site JD.com, which can be redeemed at restaurants and retailers in Beijing or used to buy products equipped with smart technologies, state media reported.

Meanwhile, Paul Gong Min, China autos analyst at UBS, said China's automobile sector has been recovering faster than the market expectation, adding he expects automobile sales in the second quarter to record a year-on-year rise, compared with a previous estimate of a 10 percent drop.

In other news, Chinese issuers have launched around US$15 billion (HK$117 billion) in total last month, nearly triple that in April, data from Bloomberg showed, while the market expects the growth would continue the rising trend.

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