Xi stresses promoting equipment renewal, trade-in of consumer goods

Chinese President Xi Jinping on Friday stressed promoting a new round of large-scale equipment renewals and trade-ins of consumer goods, as well as lowering logistics costs.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks at a meeting of the Central Commission for Financial and Economic Affairs, which he heads.

Updating products is an important measure to promote high-quality development, Xi said.

Large-scale equipment renewals and trade-ins of consumer goods will boost investment and consumption, the meeting noted.

More high-quality consumer durables should be brought to residents and waste resources should be recycled, according to the meeting.

The meeting urged the promotion of the renewal and technological transformation of various types of production and service equipment, encouraging the trade-in of consumer durables and traditional consumer goods such as automobiles and home appliances.

Friday's meeting also pointed out that reducing the logistics cost of society as a whole is an important measure to improve economic efficiency.

It noted that the basic premise of logistics cost reduction is the stability of the proportion of the manufacturing industry while the purpose is to serve the real economy and the people.

The meeting called for effectively reducing the costs of transportation, warehousing and management as well as strengthening the shift in freight transportation from highways to railways and waterways.

It urged optimizing the trunk lines, improving the modern commercial circulation system, and encouraging the development of new modes of logistics combined with the platform economy, low-altitude economy, and unmanned vehicles.

The meeting also emphasized the construction of transportation infrastructure and the development of airport economy and port economy.

(Cover: Hoisting equipment are running at a quay in Jiujiang City, east China's Jiangxi Province, January 11, 2024. /CFP)