China announced Wednesday a series of measures to expand the scope of its consumer goods trade-in program, stepping up efforts to boost domestic demand and spur economic growth.
Zhao Chenxin, deputy head of the National Development and Reform Commission, said at a press conference that the number of home appliance categories eligible for government subsidies will increase from eight in 2024 to twelve in 2025. Newly added items include microwaves, water purifiers, dishwashers, and rice cookers.
Addressing actual consumer needs, the limit on subsidized air conditioners per consumer will rise from one to three, according to Zhao.
To ensure the delivery of subsidies, the central government has recently earmarked 81 billion yuan (about $11.3 billion) for the consumer goods trade-in program this year, said Fu Jinling, an official with the Ministry of Finance.
Consumers can enjoy subsidies of up to 500 yuan apiece when purchasing digital products such as mobile phones. Additionally, a broader range of passenger vehicles will be added to the trade-in program.
China will also increase funding for equipment upgrades in key sectors by issuing ultra-long treasury bonds in 2025, Zhao said. He added that funding support will extend to more areas, including electronic information and protected agriculture, focusing on high-end, intelligent, and green equipment.
Reference(s):
cgtn.com
