Author: Mandy Zuo,Frank Chen

Shanghai unveils a bold move to kickstart its economy by introducing 500 million yuan (US$71.2 million) worth of consumption vouchers. This initiative aims to boost spending in various sectors, including catering and hospitality, following the central government’s recent economic stimulus measures. This program signifies the city’s commitment to reviving economic activities and aligning with Beijing’s growth targets. Fu Weigang from the Shanghai Institute of Finance and Law commends the timing and magnitude of the vouchers, recognizing their importance in current economic conditions. The announcement comes in response to declining retail sales in Shanghai, with businesses facing challenges in sustaining profitability.…