The Chinese authorities will allocate funds for a new trade-in program for consumers, writes MarketWatch with a link to a joint statement by the country's Ministry of Commerce and other departments.
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What is known
Under the program, consumers, in particular, will be able to exchange used cars and old household appliances.
The amount of funding has not been specified.
In some regions it is also planned to introduce incentives for the purchase of environmentally friendly “smart” household appliances.
In addition, authorities will encourage financial institutions to reasonably reduce the size of the down payment on car loans.
By 2025, China intends to increase the volume of recycling of old household appliances by 15% compared to 2023, and scrapped cars by 50%.
Similar trade-in programs designed to stimulate domestic consumption were introduced in the country in 2009 and 2010.