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American Focus > Blog > Economy > China’s plan to boost consumption by encouraging trade-ins has yet to show results
Economy

China’s plan to boost consumption by encouraging trade-ins has yet to show results

Last updated: September 13, 2024 1:45 am
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China’s plan to boost consumption by encouraging trade-ins has yet to show results
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China’s initiative to boost consumption through trade-ins has faced some challenges, with businesses reporting that the results have not been significant so far. The government allocated 300 billion yuan ($41.5 billion) in ultra-long special government bonds to expand the trade-in and equipment upgrade policy, with half of the funds aimed at subsidizing trade-ins of cars, home appliances, and other big-ticket items.

However, the implementation of the measures has not yet translated into concrete incentives on the ground, according to Jens Eskelund, president of the EU Chamber of Commerce in China. While the move to boost consumption was a surprise to analysts, there is still a need for cautious consumers to spend money upfront and have a used product to trade in.

The total budgeted amount per capita for the central government policy is about 210 yuan ($29.50), but only a portion of this is expected to reach household consumers. Analysts are not overly optimistic about the impact of the trade-in program on retail sales, with UBS Investment Bank Chief China Economist Tao Wang estimating that it could support around 0.3% of retail sales in 2023.

The policy includes subsidies for new energy and traditional fuel-powered vehicle purchases, with new energy vehicle sales seeing a significant increase despite a drop in overall passenger car sales. The trade-in program has doubled existing subsidies for vehicle purchases, providing a boost to the automotive industry.

In addition to the focus on consumer goods, the policy also aims to support equipment upgrades, such as elevators. However, foreign elevator companies have not yet seen specific new orders under the program. Companies like Otis and Kone are hopeful about the opportunities presented by the policy but acknowledge that it may take time to materialize.

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The secondhand market outlook is also positive, with companies like ATRenew seeing potential for growth in the trade-in market. While the impact of the government’s support for trade-ins may not be immediate, it is expected to benefit the long-term development of the secondhand goods market.

Overall, the implementation of China’s trade-in policy is still in the early stages, and it may take time to see significant results. The government’s efforts to boost consumption through trade-ins and equipment upgrades are a step in the right direction, but the success of these measures will depend on effective execution and consumer participation. Are you tired of the same old routine and looking for a change in your life? It might be time to consider making a big change and stepping out of your comfort zone. Making a major life change can be daunting, but it can also lead to new opportunities and personal growth. Here are some tips to help you make a big change in your life:

1. Identify what you want to change: The first step in making a big change is to identify what you want to change. Take some time to reflect on your life and think about what aspects of it you are unhappy with. Do you want to change your career, move to a new city, or start a new hobby? Once you have identified what you want to change, you can start taking steps to make it happen.

2. Set specific goals: Once you have identified what you want to change, it’s important to set specific goals to help you achieve your desired outcome. Break down your big change into smaller, more manageable goals that you can work towards. Setting specific goals will help you stay focused and motivated as you work towards making a big change in your life.

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3. Create a plan: Making a big change in your life requires careful planning. Create a detailed plan that outlines the steps you need to take to achieve your goals. Consider what resources you will need, what obstacles you might face, and how you will overcome them. Having a solid plan in place will increase your chances of success and help you stay on track as you work towards making a big change in your life.

4. Take action: Making a big change in your life requires taking action. Once you have a plan in place, it’s time to start taking steps towards achieving your goals. This might involve reaching out to new people, applying for new opportunities, or making significant lifestyle changes. Remember that change takes time and effort, so be patient and persistent as you work towards making a big change in your life.

5. Seek support: Making a big change in your life can be challenging, so it’s important to seek support from friends, family, or a professional coach. Surround yourself with people who believe in you and who can offer encouragement and guidance as you work towards making a big change in your life. Having a support system in place will help you stay motivated and accountable as you navigate the ups and downs of making a major life change.

Making a big change in your life can be a scary and exciting experience. By following these tips and taking proactive steps towards achieving your goals, you can make a positive change in your life and open yourself up to new possibilities and opportunities. Remember that change is a process, and it’s okay to take small steps towards making a big change in your life. Stay focused, stay positive, and believe in yourself as you work towards making a big change in your life.

See also  China's electric car boom is expected to slow down in 2025
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