Shanghai announces prizes worth 300m yuan to fuel consumption

To boost consumption, Shanghai will award prizes worth 300 million yuan ($43.41 million) via invoice-based lucky draw over the next six months, official sources said.

The program will kick off at 10 am on Thursday and will run until July 31, covering major consumption seasons, including Chinese New Year and the May Day holiday, Ju Xinping, director of the consumption promotion division with the Shanghai Municipal Commission of Commerce, said during a news conference on Wednesday.

According to Ju, individual consumers who make a single purchase of 100 yuan or more can apply for an invoice and take part in the lucky draw. The program is only valid for purchases made in Shanghai sectors, including retail, dining, accommodation, culture, arts, entertainment, tourism, sports, and services.

With a focus on inclusiveness, the prizes are divided into five tiers: first prize of 800 yuan, second prize of 300 yuan, third prize of 100 yuan, fourth of 50 yuan, and fifth of 10 yuan.

Shanghai is among some 50 cities across China that have launched the prize invoice program to boost consumption demand and unlock consumption potential.