Politics
China desperately seeks used cars, washing machines and refrigerators to save its economy
Beijing is banking on a recovery plan to upgrade the country's stock of industrial and household equipment, taking on older machines that use more energy and emit pollution, boosting consumer spending and boosting its economy by along the way.
This plan was pushed by President Xi Jinping four months ago. China believes these incentives will encourage businesses and households to adopt cleaner technologies.
The exchanges, according to a Bloomberg report, have the potential to accelerate growth, currently seen as falling just short of China's target of around 5%. They can also make it less lopsided, by encouraging domestic purchases to offset exports, easing global concerns about Chinese factory overcapacity.
This is what Beijing has in mind:
How will this recovery plan work?
According to Beijing, this upgrade will help increase consumer spending. It covers everything from heavy industries such as petrochemicals and steel, to the installation of new elevators in apartment buildings, to incentives for consumers to scrap their old washing machines and buy new ones that use less water.
What is on offer?
Subsidies will be available to consumers who purchase new electric vehicles or other energy-efficient cars. Local authorities will share part of the costs. For upgrading the devices, regional governments will bear the entire burden. Industries will benefit from a mix of grants, tax breaks and soft loans.
How will this save the Chinese economy?
Citigroup economists estimate the plan could boost retail sales by around 0.5% this year, while the equipment upgrade could increase the broadest measure of Chinese investment by up to 0.4 percentage points. 'in 2027. Last month, Goldman Sachs economists estimated a 0.6 percentage point increase in GDP in 2027. 2024, more than two-thirds of which comes from additional household spending, mainly on cars.
China is often accused by the United States and Europe of flooding global markets with cheap goods and not doing enough to meet local demand. The recovery plan, by helping Chinese buyers, could address this concern.
What happens to old salvaged items?
This will help boost the country's recycling ambitions and help Chinese companies expand into overseas markets, particularly in regions that have high environmental standards, an analyst told Bloomberg.
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Sources 2/ https://www.businesstoday.in/latest/trends/story/china-is-desperately-looking-for-used-cars-washing-machines-and-refrigerators-to-save-its-economy-426514-2024-04-23 The mention sources can contact us to remove/changing this article |
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