Hong Kong
CNN
—
Beijing will provide low-income residents with a monthly cash subsidy of $6 to cushion the impact of rising food prices.
The announcement from the city government came as food inflation accelerated in China after policymakers scrapped their zero-Covid strategy in December and further loosened monetary policy to spur economic recovery.
Protests over cuts in medical benefits by retirees erupted in Wuhan and Dalian last week, raising fears over livelihood issues as the Chinese economy struggles to regain a foothold after being drained by pandemic policies. It has become clear that the risk of
The demonstrations were the latest outburst of public discontent since mass protests against Covid restrictions hit the country late last year. Fiscal pressure on local governments came after a three-year COVID-19 zero policy squeezed local government resources and a downturn in the real estate market led to a significant drop in income.
According to the Beijing Municipal Development and Reform Commission, the city’s economic regulator, more than 300,000 low-income residents will each receive 40 yuan (about $6) in cash per month. The first payments will be made later this month, and it’s unclear how long that will last.
“In January, food prices in Beijing rose by 6.6%, meeting the conditions for the launch of the price-linked subsidy program,” the state-run Beijing Daily quoted a committee official as saying. friday report.
“[We will] Strive to do good work to ensure a basic livelihood for those in need…and continually increase their sense of well-being, well-being and security. ”
China launched a low-income subsidy program in 2011 to provide cash to the needy when the consumer price index or food prices hit certain thresholds. The cost of living varies from country to country, so each city or region sets its own standards.
News of Beijing’s latest handout was not well received by the public, who complained about the high cost of living in Beijing on social media.
“40 yuan? Are you serious? [When] When low-income people take the subway to collect money and come back, they lose eight yuan.” 1 comment on Weibo.
“Is it like an insult? [The amount] It just subsidizes a bowl of noodles,” said another Weibo user.
Some criticize the country’s weak social welfare system, while others criticize the government’s move to cancel billions of dollars in debt to other countries.
“Can this move be questioned? Do you think our country’s current welfare system is good? Can it meet people’s needs?” Said.
China’s consumer price index accelerated in January, with CPI up 2.1% year-on-year. While key figures remain relatively low compared to other countries, food prices rose by 6.2%, with pork and fruit prices rising the most.
In Beijing, food prices surpassed national levels. Vegetable prices rose 24% last month.
