A proposal to distribute universal consumption vouchers to all Chinese citizens has emerged ahead of the Two Sessions, China's largest annual political gathering. The suggestion marks a public call for massive stimulus measures to address the prolonged domestic demand slump.
Liu Yonghao, chairman of major feed company New Hope Group and a member of the Chinese People's Political Consultative Conference, proposed at a press conference in Beijing on Sunday that "consumption vouchers should be distributed to all citizens without discrimination based on national ID cards," according to Chinese business outlet Yicai Global on Monday.
Liu explained that distributing 500 yuan (approximately $69) per person to China's 1.4 billion population would require total funding of 700 billion yuan (approximately $96 billion). "This could stimulate about 2 trillion yuan ($275 billion) in consumption," he said, adding that "we also expect the creation of approximately 14 million service sector jobs."
Liu acknowledged that consumption voucher policies promoted by authorities in recent years, including trade-in subsidies for replacing old products with new ones, have achieved some results. However, he pointed out structural biases that concentrate benefits on e-commerce platforms and large retailers. The tangible effects for small business owners, micro-enterprises, gig workers, and low-to-middle-income groups have been limited, he noted.
Citing Malaysia's example, Liu explained that a universal voucher system based on national identification would enable use across diverse consumption environments. He proposed a design led by national financial institutions with fintech companies handling issuance and settlement, allowing broad utilization across all industries.
The proposal appears aimed at simultaneously supporting small and micro-enterprises and the job market, beyond merely boosting consumption. Liu emphasized that consumption vouchers could serve as a catalyst for domestic demand recovery.
China's economy continues to struggle with a sluggish property market and weakened private consumption. Authorities have designated expanding consumption to secure growth momentum as a core economic policy priority this year. Whether this proposal, raised ahead of the Two Sessions, will translate into actual policy discussions remains to be seen.
Liu also addressed the need to strengthen industrial competitiveness alongside boosting domestic demand. "China's robot hardware competitiveness is already among the world's leaders," he said, emphasizing that robotics technology must be deeply integrated into actual production and service settings—including manufacturing, agriculture, and household life—rather than remaining limited to demonstrations or performances.