Passenger cars wait to be shipped to various markets on October 10th in Ningde City, Fujian Province. WANG WANGWANG/FOR CHINA DAILY
China’s economic stimulus package, which includes large-scale equipment upgrades and incentives for consumer goods trade-ins, could boost investment growth amid domestic downward pressure, unlock consumption potential, and further facilitate economic recovery. officials and analysts said.
They added that the technological upgrades and green transformation promoted by this initiative will have benefits not only in immediate economic benefits, but also in laying the foundations for a more sustainable development path.
In March, the country’s cabinet, the State Council, launched a plan to promote large-scale equipment renewal and replacement of old and new consumer goods. This was followed by additional measures in July, with the government allocating approximately 300 billion yuan ($42.4 billion) of long-term special bonds to further support these efforts.
Zhao Chenxin, deputy director of the National Development and Reform Commission, announced at a recent press conference that all 31 province-level regions in the mainland have implemented implementation plans to further support these efforts, complementing the central government’s policy framework. He said he did.
Regarding equipment renewal, China has set a goal of increasing investment by at least 25% by 2027 compared to 2023 in a wide range of sectors, including manufacturing, agriculture, construction, transportation, education, culture, tourism, and healthcare. levels listed in the plan.
The commission has streamlined the approval process and identified more than 4,600 eligible projects, and 150 billion yuan in special bonds for equipment renewal have already been allocated to these efforts in two installments, Zhao added. .
