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China Economy News | Live: To Revive Economy, China Bets On Discounts For Cars And Appliance | N18LFacing economic challenges, China has embarked on a significant strategy to rejuvenate its economy through the promotion of car and appliance sales. Beijing is championing a sweeping initiative designed to revitalise the nation’s industrial base and domestic environments by replacing outdated and inefficient machinery with newer, cleaner alternatives. This move is intended to boost consumer spending and ignite business investments.The initiative spans multiple sectors, encompassing upgrades in heavy industries such as petrochemicals and steel, improvements to residential amenities like elevators, and providing incentives for consumers to discard and replace old washing machines.The execution of these plans will largely be managed by local governments. For instance, the city of Suzhou in the prosperous Jiangsu province has initiated a scheme offering substantial subsidies—100 million yuan for car purchases, providing up to 6,000 yuan per buyer, and 20 million yuan for replacing old appliances, with as much as 1,500 yuan available per item, effective from April 20.
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