Taiwan gives ‘festival bonus’ to stimulate economy

January 19th, 2009 - 9:26 am ICT by IANS  

Taipei, Jan 19 (Xinhua) The Taiwan government has distributed shopping coupons worth more than about $2.6 billion to the public over the weekend to stimulate spending in the run-up to the Lunar New Year holiday.The coupons were being distributed through more than 14,200 outlets across the island. Every resident is allowed 3,600 New Taiwan dollars’ (about $107) worth of coupons.

All residents with registered permanent residence, their spouses from the mainland, Hong Kong, Macao and abroad, and children born before the end of March - more than 23 million people - are eligible for the coupons.

Businesses accepting the coupons can redeem these at banks for their face value.

Some companies were also offering bus services to their outlets.

Experts say the policy is necessary to stimulate consumption during an export downturn, insufficient consumer demand and lack of investment. The policy is particularly aimed at easing pressures on medium and small-size companies.

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