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China expands consumer trade-in program to support economic recovery

China expands consumer trade-in program to support economic recovery

Posted on January 8, 2025   |  

China is including more home appliances, such as microwave ovens, water purifiers, dishwashers, and rice cookers, in its consumer trade-in program to boost demand in the slow household sector.

The government will provide 15% subsidies for digital goods like cellphones, tablet computers, smartwatches, and bracelets under 6,000 yuan.

While the total cost of the incentives is not specified, the government has allocated 81 billion yuan ($11.05 billion) for consumer trade-ins to stimulate spending in 2025.

These steps are part of China's broader plan to boost economic growth in 2025, addressing the impact of a property crisis that has hurt consumer wealth and spending.

In 2024, China used 150 billion yuan from special treasury bonds to support replacing old appliances, cars, and goods, leading to 920 billion yuan in auto sales and 240 billion yuan in home appliance sales.

China’s top leaders have promised to "vigorously" increase consumption and expand domestic demand this year.