China's plan to boost consumption by encouraging trade-ins has yet to show results [CNBC]
ATRenew Inc. American Depositary Shares (every three of which representing two Class A ordinary shares) (RERE)
Company Research
Source: CNBC
“We are not aware of companies that have seen this translate, since the promulgation of the measures, into concrete incentives on the ground in China,” Jens Eskelund, president of the EU Chamber of Commerce in China, told reporters earlier this week. Several major cities and provinces have only in the last few weeks announced details on how the trade-in program would work for residents. BEIJING — China's plan to boost consumption by encouraging trade-ins has yet to show significant results, several businesses told CNBC. China in July announced allocation of 300 billion yuan ($41.5 billion) in ultra-long special government bonds to expand its existing trade-in and equipment upgrade policy, in its bid to boost consumption. Half that amount is aimed at subsidizing trade-ins of cars, home appliances and other bigger-ticket consumer goods, while the rest is for supporting upgrades of large equipment such as elevators. Local governments can use the ultra-long government bonds to su
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