Why China is encouraging citizens to trade-in old cars, appliances?
Image Credit: reddit
China is encouraging its citizens to trade in their old cars and home appliances, such as refrigerators, in a bid to boost consumer spending and stimulate economic growth amid challenging times. This scheme, expected to be a significant stimulus program this year, encourages Chinese businesses and households to replace outdated machinery with new, energy-efficient products. The details of the plan were recently disclosed in a briefing by officials from various departments.