Innovative technological advancements combined with strategic policy initiatives are transforming the consumer landscape in the Chinese mainland. Recent efforts focus on integrating technology with service consumption, particularly in the home appliance and smart home sectors.
Government policies and subsidies play a pivotal role in making home upgrades more affordable. For instance, in Shanghai, a resident named Zou recently signed a home renovation contract worth 140,000 yuan (approximately $19,713), saving over 20,000 yuan through a mix of government and seasonal discounts. This trend is mirrored across home improvement markets, which now offer subsidies ranging from 15 to 20 percent on items such as home appliances, cabinets, and bathtubs.
Another significant innovation is the home appliance trade-in service. In areas like Songjiang District, Shanghai, residents can take advantage of one-stop trade-in services for outdated appliances. This ensures the installation of energy-efficient replacements, seamlessly integrating into their homes while promoting sustainable consumption.
The move towards sustainable consumption is further supported by a national policy introduced in March. This policy outlines 20 key tasks across various sectors, including expanding the recycling of used goods, enhancing standards, and increasing fiscal support. The goal is to double the recycling volume of scrapped vehicles and boost the trade-in of used household appliances by 30 percent by 2027 compared to 2023 levels.
Following the national initiative, regions such as Hubei, Chongqing, and Shenzhen have broadened the range of eligible products for subsidies. Now, items like dishwashers, air purifiers, and unmanned aerial vehicles are included, reflecting a comprehensive approach to fostering economic growth through technological innovation and sustainable practices.
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Technological innovation and policy synergy boost consumption growth
cgtn.com