Taiwan t approved
issuing shopping coupons Thursday in its latest move to boost the economy which
has been hit by the global financial crisis, dpa
reported.
Chen Tain-jy, minister of the cabinet's Council for Economic Planning and
Development, said Taiwan will start issuing shopping coupons on January 18, one
week before the start of the Chinese New Year holidays.
Each resident will receive nine coupons worth a total of 3,600 Taiwan dollars (109 US dollars), and can use them on shopping or for other services like
paying for a taxi ride, staying in a hotel or singing in a Karaoke parlour.
The shopping coupons must be used before the end of September 2009.
Issuing shopping coupons is Taiwan's latest move to stimulate the economy after
having cut interest rates and bailing out ailing financial institutions.
The government hopes that by issuing shopping vouchers, which will cost the
government 82 billion Taiwan dollars (2.48 billion US dollars), can raise Taiwan's GDP by 0.64 percentage points.
President Ma Ying-jeou called issuing shopping vouchers part of the
government's 400 billion Taiwan dollar (12 billion US) rescue package.
"It is a special method used in special times (to tackle economic
problems)," he said Thursday.
Shopping vouchers were issued by Japan to children and low- income senior
citizens in 1999 as part of an economic recovery plan. Several other countries
have also issued shopping vouchers or food stamps to stimulate consumer
spending in an effort to revitalize the economy.