The authorities will guide local governments to “pace the implementation appropriately and use the subsidies in a balanced and orderly way” to maximise the impact of the policy, it added.
The Chinese government has been offering the subsidies since mid-2024 to stabilise consumption battered by a years-long housing slump and persistent deflation. The authorities have made expanding domestic demand their top economic priority next year as they remain vigilant for emerging tensions with other countries despite a tariff truce with the US.
A total of 300 billion yuan in subsidies was allocated this year for supporting purchases of consumer goods from cars and smartphones to home appliances, double the amount seen in 2024.
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