Descriptive statistics
The descriptive statistics of the main variables are given in Table 2. Panel A presents the information about cities that issued digital travel vouchers, while Panel B presents information for cities that did not issue vouchers during the same sample period. Among all the cities in the sample, 69 issued vouchers, constituting approximately one-fifth of the total cities. The average influx of tourists into cities in Panel A is much higher than that in Panel B. On average, the difference between issuing cities and non-issuing cities is 0.128, indicating the potential impact of digital travel vouchers in attracting tourists and boosting local tourism.
In Table 2, it is shown that the average annual GDP of cities in Panel A is higher than that of cities in Panel B. These findings jointly suggest that governments in economically advantaged areas are more likely to support the tourism industry through issuing digital travel vouchers….
















