China is set to significantly increase funding for equipment upgrades and consumer goods trade-in programs in 2025, focusing particularly on subsidizing digital product purchases. This move is part of a broader strategy to bolster domestic demand and stimulate economic recovery.
During a government press conference on Friday, Yuan Da, deputy secretary-general of the National Development and Reform Commission (NDRC), announced the government's plans to enhance subsidies for consumers purchasing mobile phones, tablets, smartwatches, and wristbands. The increased funding will be supported by the issuance of ultra-long special treasury bonds.
The initiative aims to encourage consumers to upgrade their digital devices, thereby promoting higher consumption levels in the technology sector. By offering subsidies on popular electronic products, the government intends to invigorate the market and support domestic manufacturers.
Economic analysts suggest that this move could have a significant impact on the consumer electronics industry, potentially boosting sales and encouraging innovation. It also aligns with China's efforts to transition towards a consumption-driven economy.
The issuance of ultra-long special treasury bonds indicates the government's commitment to funding this initiative without imposing immediate fiscal pressures. This financial strategy allows for long-term investment in consumer subsidies, which is expected to have a positive ripple effect on the overall economy.
Consumers across China may soon benefit from reduced prices on the latest digital devices, making technology more accessible and fostering a more connected society.
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China to boost subsidies for phones, tablets and smartwatches in 2025
cgtn.com
