China to Boost Smartphone Sales with New Subsidies and Enhanced Trade-In Program

Economy

1 year ago

News sources:

Credited from: SCMP

China is set to **subsidise consumers** buying new smartphones in a bid to boost **sluggish domestic consumption**.
The country will expand its **consumer trade-in programme** to include personal digital devices such as smartphones and tablets.
Officials from the **National Development and Reform Commission** announced upcoming investments in **ultra-long-term treasury bonds** to support the initiative.
Despite an increase in retail sales by **4.8% year-on-year** in October, November saw a decline, with major cities experiencing drops in consumer spending.
Analysts predict that the trade-in programme may have a **lesser impact on consumption** in 2024 due to potential limitations on available trade-in goods.

For more details, visit the original article: SCMP.