China expands consumer trade plan to boost economic growth Reuters

BEIJING (Reuters) – China will expand the scope of consumer trade for home appliances and offer more subsidies for digital purchases this year, in an effort to revive sluggish domestic demand, an official policy document showed on Wednesday.

According to a senior government planner and finance ministry document, microwave ovens, water filters, dishwashers and rice cookers will be included in the home appliance trade-in program this year. Mobile phones, tablet computers, smart watches and bracelets under 6,000 yuan can get a 15% subsidy.

The statement did not disclose the total cost of the stimulus, but a finance ministry official said at a press conference on Wednesday that the central government has so far allocated 81 billion yuan ($11.05 billion) to support consumer goods purchases. For 2025.

China paid 150 billion yuan of the 1 trillion yuan special treasury bond sale last year to subsidize the replacement of old furniture, cars, bicycles and other goods. The officials said that the campaign “has achieved positive results”.

Li Gang, an official of the Ministry of Commerce, said at the same press conference that the campaign will generate 920 billion yuan in car sales and 240 billion yuan in home appliance sales by 2024.

The new measures They are part of a broader plan to boost growth in the world’s second-largest economy by 2025, as a severe asset crisis erodes consumer wealth and hurts household spending.

China’s top leaders have vowed to “vigorously” increase consumption this year and expand domestic demand “in all directions.”

Reuters reported last week that millions of government workers across China were given a pay rise.

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