Coupons to boost consumer confidence

The 1 billion yuan ($147 million) of consumption coupons to be released in Shanghai will help stabilize consumers' expectations and boost economic growth, said officials and experts.

This is the first time that the municipal government has taken such economic stimulus measures.

The first batch of 200 million yuan of digital coupons will open for lucky-draw applications on Saturday. Shanghai consumers aged above 18 can apply for the coupons using Alipay, WeChat Pay or UnionPay. Successful applicants will each receive a coupon package worth 100 yuan.