Nanjing Road in Shanghai, known for its abundance of shops: Picture: 123RF/SEAN PAVONE
China is moving to spur spending that was depressed by Covid curbs in some of its biggest cities, but piecemeal measures such as vouchers, subsidies for car buyers and digital yuan payments have been modest compared with other big global economies. Policymakers have instead stuck to their preferred approach to stimulus, which focuses on businesses and infrastructure.
Constraining the rebound, analysts said, are not just income losses during the lockdowns, but lingering fears about job security and Covid-related curbs, as well as authorities’ reticence towards policies that would get more money quickly into consumers’ pockets. This time, analysts said, the picture is murkier. China’s once high-flying property and tech sectors are wobbling and persistent job stresses have undercut the “revenge consumption” that typically follows when lockdowns ease up and shoppers flock back to stores with a vengeance.
They face fiscal constraints, and fear that handouts would end up favouring China’s wealthiest regions, which were hardest hit by the lockdowns, at a time when the government has pledged to address economic inequality. Authorities also worry that any government cash given to China’s typically thrifty consumers would end up in savings accounts rather than getting spent.
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