Upgrades to consumer goods, equipment are China’s best bet to boost economy for now

Source: straitstimes.com straitstimes.com

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BEIJING – China’s call for its people and organisations to upgrade big-ticket items like cars, appliances and industrial equipment could boost the economy in the short term, but this is no silver bullet for ensuring sustained growth, given the country’s long-term structural challenges. Subsidies, tax incentives and refinancing tools would be extended to relevant projects, said a government action plan unveiled on March 14. The priority areas for consumer trade-ins are cars, appliances and home furnishing, to be replaced with smarter and more environmentally friendly items. At the same time, the government also called for large-scale upgrades across a slate...