The Chinese mainland is set to significantly increase subsidies for digital devices such as mobile phones, tablets, smartwatches, and wristbands in 2025. This initiative aims to boost domestic demand and drive economic recovery by encouraging consumers to upgrade their equipment and participate in trade-in programs.
During a government press conference on Friday, Yuan Da, deputy secretary-general of the National Development and Reform Commission (NDRC), detailed the government's plans. The enhanced funding will support consumers in purchasing the latest digital products, fostering a more robust consumer market.
To finance this substantial increase in subsidies, the Chinese mainland will issue ultra-long special treasury bonds. This strategic move is part of a broader effort to stimulate the economy by making advanced technology more accessible to the public.
By focusing on digital product subsidies, the government aims to not only stimulate consumer spending but also promote technological advancement and innovation within the country. This approach is expected to have a positive impact on the overall economic landscape, contributing to sustained growth and stability.
Reference(s):
China to boost subsidies for phones, tablets and smartwatches in 2025
cgtn.com
