China to Brighten Bleak New Year With Cash Gifts
The Chinese government will be giving small cash gifts to some 74 million citizens before Chinese New Year. From Reuters, via MSNBC:
China will give its neediest citizens hand-outs of up to 180 yuan ($26) to brighten their mood before the Chinese New Year, a usually festive occasion that has been marred by the economic downturn.
The Ministry of Finance, which announced the one-off payment totaling some $1.3 billion on its website Friday, also said the money would help stimulate domestic consumption, Beijing’s overarching goal as it seeks to revive the once-roaring economy.
The pay-outs ranging from 100 to 180 yuan would mainly go to laid-off workers and veteran Communist Party members living in straitened circumstances. Overall, the government said it would distribute 9 billion yuan to about 74 million citizens.
