Futian district in South China's tech hub Shenzhen will hand out 100 million yuan ($15.7 million) in consumer vouchers and subsidies to the public, as the local government recently issued policies to further boost local economic activity.

Since the outbreaks of COVID-19 in Shenzhen in Guangdong Province from February, the local consumer market has been affected, especially large consumer industries including the auto sector. As flare-ups were brought under control, the government developed policies to support bailouts for firms and residents.

According to the policy, the 100-million-yuan stimulus includes 50 million yuan in vehicle purchase discounts, as well as 50 million yuan in consumer vouchers.

The government has issued car consumption subsidies to the residents on Saturday, and from April to June, consumers can enjoy up to 1.5-million-yuan in subsidies for purchasing a car in the area.

Lin Yi, a senior official from Industry and Information Technology Bureau of Futian District said that the move is aimed at helping auto enterprises and dealers resume normal production as soon as possible, as well as giving back to the public to thank them for their effort and  support during the recent challenging period. 

Another 50-million-yuan in vouchers will be distributed to the city's citizens in two rounds taking place in May and August respectively in the form of digital yuan.

In addition to Futian district, in March, Longhua district also released 10 support measures to help companies, including rent remission and cost reductions for import and export logistics of enterprises.

Global Times