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SITEMAP
Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
China's State Council has recently announced detailed plans to promote upgrades in household appliances and consumer goods. A new action plan offers subsidies from the central budget, tax incentives and bank loans. Used cars and appliances were high on the priority list for China's trade-in scheme that came into effect during the 2008 financial crisis. Sixteen years on, the new round of initiatives hopes to create opportunities in many more sectors, including manufacturing equipment and medical devices. The latest measures are seen as part of a larger effort to stimulate the economy in the face of low investor sentiment and deflationary risks. China's equipment renewal demand is expected to grow to a 5-trillion yuan ($690 billion) market annually. However, experts say unlocking that potential will require more long-term reforms.