China has announced plans to significantly increase subsidies for digital devices in 2025, aiming to stimulate domestic demand and drive economic recovery.
The initiative will provide enhanced financial support for consumers purchasing mobile phones, tablets, smartwatches, and wristbands. The announcement came during a government press conference on Friday, where Yuan Da, deputy secretary-general of the National Development and Reform Commission (NDRC), outlined the government’s strategy.
Expanding Support for Digital Upgrades
As part of the plan, China will boost funding for equipment upgrades and consumer goods trade-in programs. The subsidies are designed to encourage consumers to replace their old devices with new, more advanced technology. This move is expected to not only boost consumption but also accelerate the country’s technological advancement.
The increased funding will be supported by the issuance of ultra-long special treasury bonds, providing significant financial backing to the program.
Beyond Digital Devices
The scope of funding support extends beyond digital products. The government plans to expand subsidies to areas such as electronic information, production safety, agricultural facilities, new energy city buses, batteries, agricultural machinery, and home decoration-related consumer goods.
This comprehensive approach aims to stimulate various sectors of the economy, promoting sustainable growth and supporting the green transition.
Confidence in Economic Growth
Despite acknowledging the complex global environment and challenges facing the Chinese economy in 2025, Yuan expressed strong confidence in the country’s economic prospects. He emphasized China’s stable foundation, strong resilience, and great potential.
"We are full of confidence in promoting the continuous recovery of the economy in 2025, and also fully confident in completing the goals and tasks of the 14th Five-Year Plan with high quality," Yuan said.
The government believes that the positive effects of policies introduced over the past year will continue to manifest, providing robust support for achieving economic growth targets.
Reference(s):
China to boost subsidies for phones, tablets and smartwatches in 2025
cgtn.com
