China Introduces Subsidies for Smartphones to Boost Domestic Consumption

Economy

1 year ago

News sources:

Credited from: SCMP

China will provide subsidies for consumers purchasing new smartphones in an effort to boost domestic consumption.
The consumer trade-in program will be extended to include smartphones, tablets, smartwatches, and other personal devices.
The National Development and Reform Commission announced plans to increase funding through special treasury bonds for consumer goods trade-ins and equipment upgrades.
Despite a 4.8% growth in retail sales in October, momentum slowed in November due to various market factors.
Prediction suggests the trade-in program may have less impact on consumption this year compared to 2024, casting doubt on its effectiveness.

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