China's equipment renewal program sees 17.5% YoY investment growth in first five months of 2021, contributing over 50% to total investment growth.
China's national program for equipment renewals and replacing old consumer goods has begun successfully, with investment in equipment purchases increasing 17.5% YoY in the first five months of 2021, contributing over 50% to total investment growth. Home appliance replacements on e-commerce platforms saw over 80% growth. Local governments in 31 provinces released action plans, and financial support includes 6.44B yuan for automobile trade-ins and 500M yuan for old agricultural machinery scrapping.
June 18, 2024
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