China plans to cut $700 checks for all citizens due to COVID-19 economic hardship

China plans to cut $700 checks for all citizens due to COVID-19 economic hardship

Chinese Communist Party economists assess the value of a cash injection to Chinese citizens in the form of a check.

Strict COVID-19 precautions persist in China as the country still struggles to rid itself of the viral pandemic. The government’s zero-tolerance policy for COVID-19 infections has had cascading ramifications on China’s economy and consumers.

Chinese economists now say a cash injection could be what the country needs to get back on its feet.

CHINA CONFIRMS FIRST COVID-19 DEATH SINCE MAY, AS AUTHORITIES TRY TO STUMP RISE IN CASES

Chinese citizens line up for COVID tests in Beijing. Unrest over continued restrictions and a surge in cases have fueled recent protests.
(Reuters/Tingshu Wang)

“Central tax expenditures are important because local finances are all in a tight spot right now, and even though there are local governments that have a budget surplus, I don’t think they are that generous,” he said. Renmin director Mao Zhenhua said. University Institute for Economic Research.

Mao went on to say that China would better serve its consumer population by moving away from merchant coupons and non-cash vouchers in favor of e-money. Mao suggested vouchers worth around US$700.

“Many of the consumer coupons we mentioned earlier are actually merchant coupons, they have no monetary value,” Mao added.

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A man has his swab sample taken from a testing booth, in Beijing, China on November 11, 2022.

A man has his swab sample taken from a testing booth, in Beijing, China on November 11, 2022.
(Reuters/Tingshu Wang)

China recently confirmed its first Death from covid-19 in nearly six months as the country grapples with a new recent spike in infections.

On Sunday, China’s National Health Commission reported the death from COVID-19 of an 87-year-old man in Beijing. The last reported death was in Shanghai on May 26.

While China has an overall vaccination rate of over 92% after receiving at least one dose, that number is considerably lower among the elderly – especially those over 80 – where it drops to just 65% . The commission did not give details on the vaccination status of the last deceased.

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Chinese President Xi Jinping attends a session during the G-20 summit on the Indonesian resort island of Bali on November 16, 2022.

Chinese President Xi Jinping attends a session during the G-20 summit on the Indonesian resort island of Bali on November 16, 2022.
(Willy Kurniawan/Pool/AFP via Getty Images)

This vulnerability is seen as one of the reasons why China has mostly kept its borders closed and sticks to its rigid “zero-COVID” policy which aims to eliminate infections through lockdowns, quarantines, case finding and mass testing, despite the impact on normal life and the economy and rising public anger against the authorities.

Nearly three years into the pandemic, as the rest of the world has opened wide and the impact on China’s economy grows, Beijing has mostly kept its borders closed and discouraged travel even outside China. interior of the country.

Fox News’ Bradford Betz contributed to this report.

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