Tax & Spend
China Urges Local Governments to Give Cash Handouts for New Year
- Government wants to stimulate domestic demand in 2025
- Officials already gave the poor subsidies for Oct. 1 holiday
Envelopes used for giving out lucky money.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
China’s central government urged local authorities to offer handouts to people struggling with the cost of living, Xinhua News Agency reported, citing a notice from the Ministry of Civil Affairs.
Municipalities with the means are encouraged to provide financial aid ahead of the New Year and the Lunar New Year festival in late January, state-owned Xinhua reported on Saturday. For maximum impact, local government agencies should set up systems to temporarily subsidize prices and link social assistance with price levels, according to the report.