China gives details of equipment and consumer goods trade-in plan

By Thomson Reuters Mar 13, 2024 | 6:32 AM

BEIJING (Reuters) – China’s cabinet on Wednesday issued details of its plan to promote large-scale equipment upgrades and sales of consumer goods, one of a series of steps China is taking to boost the economy which has struggled to recover from the COVID pandemic.

The consumer goods trade-in plan will cover automobiles and home appliances, the State Council said in a statement, adding that the government will increase fiscal support for equipment upgrades.

The cabinet also said it would encourage banks to reduce down payment requirements for car loans and make car loan terms affordable.

(Reporting by Joe Cash and Albee Zhang; editing by Christina Fincher)