China will continue its national subsidy policies for consumer goods trade-ins and equipment renewal for a third consecutive year to support domestic demand next year, Xinhua News Agency reported on Thursday.
According to the report, citing objectives set at the Central Economic Work Conference held in Beijing over the past two days, China aims to strengthen its domestic-oriented economy by implementing special measures to boost consumption, increase the incomes of urban and rural residents, expand the supply of high-quality goods and services, and optimize large-scale equipment upgrade and consumer goods trade-in policies.
The national subsidy programs were launched last year to accelerate post-COVID economic recovery, with the government allocating 300 billion yuan (about USD 42.5 billion) in ultra-long-term special treasury bonds to support their implementation. Half of the funding was directed toward equipment renewal and the other half toward consumer goods trade-ins.
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Insights
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