Based on the above measurement framework, we calculated the multiplier of the consumer goods subsidy policy year by year. It should be pointed out that this is a very simplified measurement framework, which does not take into account more sophisticated adjustments such as current price and constant price, and discounted cash flow over time. Moreover, we mainly examine the direct impact of the policy on the retail sales of relevant categories, without considering indirect impacts such as improvement in employment and income, and crowding out of other consumer expenditures, which will be different from the fiscal multiplier in the macroeconomic sense.
► The current multiplier of fiscal subsidies is relatively high, which has ivory coast phone number list a strong pull on related consumption. Our estimates show that the fiscal scale of the automobile subsidy policy in was approximately RMB . billion, which boosted retail sales to RMB . billion, with a fiscal multiplier of .. During the same period, the home appliance subsidy policy multiplier also reached .. This can also be seen from the sales of consumer goods. In , boosted by policies, the monthonmonth sales growth of passenger cars, air conditioners, refrigerators, etc. reached about %. After that, the vehicle purchase tax was halved in and the old car replacement policy was implemented in . The current multipliers were . and . respectively, which are also significantly greater than .