As part of the initiative, subsidies will be provided for consumers of household appliances such as televisions, air conditioners and computers, amounting to 15-20% of their cost.
China will issue 300 billion yuan ($41.40 billion) in super-long debt bonds to support a program to upgrade equipment and exchange consumer goods as part of a boost to economic renewal. Reuters wrote this on Thursday, July 25.
Almost half of the planned bond funds will be used to stimulate consumer demand, according to the National Development and Reform Commission (NDRC).
As part of an initiative for buyers of new electric vehicles, China will increase subsidies to 15,000-20,000 yuan.
There are also subsidies for those buying household appliances such as televisions, air conditioners and computers, which will amount to 15-20% of their cost, but not exceeding 2,000 yuan per unit.
Authorities prohibited local governments from using bond proceeds to pay local debts and balance budgets.
It will be remembered that China’s economic growth has slowed down. Key indicators show growth at a slower rate than forecast.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.