Insignia Consultants | China expands consumer trade-in scheme to revive economic growth
China expands consumer trade-in scheme to revive economic growth
BEIJING, Jan 8 (Reuters) - China expanded the scope of consumer trade-ins for home appliances and will give more subsidies for digital purchases this year, in efforts to revive sluggish domestic demand, an official policy document showed on Wednesday.
Microwave ovens, water purifiers, dish-washing machines and rice cookers will be included in the trade-in scheme for home appliances this year, according to a document issued by the top state planner and the finance ministry. Cellphones, tablet computers, smart watches and bracelets under 6,000 yuan could get 15% subsidies.
The statement did not specify the total cost of the incentives, however, a finance ministry official, said at a press conference on Wednesday that the central government had so far allocated 81 billion yuan ($11.05 billion) for consumer goods trade-ins to support consumption for 2025.
China last year apportioned about 150 billion yuan from the 1 trillion yuan special treasury bonds issuance to subsidise replacements of old appliances, cars, bicycles and other goods. Officials said that campaign "had achieved positive effects."
