China's Yunnan launches shopping festival to boost consumption

Actresses perform traditional dance at a horse racing festival held in Shangri-La, Deqen Tibetan Autonomous Prefecture, southwest China's Yunnan Province, June 3, 2022. (Xinhua/Cao Mengyao)

KUNMING, June 18 (Xinhua) -- Southwest China's Yunnan Province has launched a month-long shopping festival starting Saturday to stimulate consumption and promote economic recovery.

Governments and financial institutions in Yunnan will issue more than 8 million coupons of various types during the coming month.

Li Chenyang, director of Yunnan provincial department of commerce, said the vitality of the trade sector is gradually recovering as the epidemic wanes, adding that a province-wide shopping festival is conducive to releasing suppressed consumer demand.

The department has pooled 100 million yuan (14.3 million U.S. dollars) of funds for issuing coupons. The banking sector in Yunnan also invested over 25 million yuan in consumption concessions to residents and tourists.

It is estimated that the number of merchants participating in the festival will reach more than 100,000.