To counteract its economic difficulties, China has unveiled an expanded trade-in program that now encompasses kitchen appliances like microwave ovens, rice cookers, and dishwashers, along with previously included items like electronics and vehicles. The government is offering discounts of up to 20% for consumers trading in old products, a significant initiative funded with 81 billion yuan (approximately $11 billion) this year. Despite initial positive outcomes reported by the Ministry of Commerce, concerns linger among economists about the lasting impact of these schemes on consumer demand. Experts suggest that while sales of targeted goods have seen an uptick, broader spending remains sluggish, raising questions about the effectiveness of such measures in stabilizing the economy. With pressures from a persistent property crisis and external tariffs looming under a new U.S. administration, China's focus on consumer-led recovery continues to evolve, highlighting the complex landscape of its economic recovery efforts. As the nation prepares to release its 2024 growth forecasts, the anticipation for a tentative rebound towards a projected 5% looms large.
China Turns to Home Appliances to Revive Economic Growth
China Turns to Home Appliances to Revive Economic Growth
In a strategic move, China expands its trade-in program to include kitchen appliances, aiming to stimulate consumer spending amid ongoing economic challenges.
China Turns to Home Appliances to Revive Economic Growth
In a strategic move, China expands its trade-in program to include kitchen appliances, aiming to stimulate consumer spending amid ongoing economic challenges.
To counteract its economic difficulties, China has unveiled an expanded trade-in program that now encompasses kitchen appliances like microwave ovens, rice cookers, and dishwashers, along with previously included items like electronics and vehicles. The government is offering discounts of up to 20% for consumers trading in old products, a significant initiative funded with 81 billion yuan (approximately $11 billion) this year. Despite initial positive outcomes reported by the Ministry of Commerce, concerns linger among economists about the lasting impact of these schemes on consumer demand. Experts suggest that while sales of targeted goods have seen an uptick, broader spending remains sluggish, raising questions about the effectiveness of such measures in stabilizing the economy. With pressures from a persistent property crisis and external tariffs looming under a new U.S. administration, China's focus on consumer-led recovery continues to evolve, highlighting the complex landscape of its economic recovery efforts. As the nation prepares to release its 2024 growth forecasts, the anticipation for a tentative rebound towards a projected 5% looms large.
In a strategic move, China expands its trade-in program to include kitchen appliances, aiming to stimulate consumer spending amid ongoing economic challenges.
To counteract its economic difficulties, China has unveiled an expanded trade-in program that now encompasses kitchen appliances like microwave ovens, rice cookers, and dishwashers, along with previously included items like electronics and vehicles. The government is offering discounts of up to 20% for consumers trading in old products, a significant initiative funded with 81 billion yuan (approximately $11 billion) this year. Despite initial positive outcomes reported by the Ministry of Commerce, concerns linger among economists about the lasting impact of these schemes on consumer demand. Experts suggest that while sales of targeted goods have seen an uptick, broader spending remains sluggish, raising questions about the effectiveness of such measures in stabilizing the economy. With pressures from a persistent property crisis and external tariffs looming under a new U.S. administration, China's focus on consumer-led recovery continues to evolve, highlighting the complex landscape of its economic recovery efforts. As the nation prepares to release its 2024 growth forecasts, the anticipation for a tentative rebound towards a projected 5% looms large.
