China plans large-scale equipment upgrades and consumer goods trade-ins to boost domestic demand and economic growth by 2024.

China is promoting large-scale equipment upgrades and trade-ins of consumer goods to boost domestic demand and support continuous economic growth in 2024. The State Council's action plan aims to increase investment in industry, agriculture, construction, transportation, education, culture, tourism, and medical care by at least 25% by 2027 compared to 2023. The plan also states that the recycling volume of scrapped vehicles will double by 2027, with used car transactions increasing by 45%.

March 24, 2024
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