China announces increased subsidies for "phones, tablets and smartwatches" in 2025
China plans to increase subsidies for smartphones, tablets, and smartwatches starting in 2025. The initiative aims to enhance consumer access to technology and stimulate sales in the electronics market. Details on the specific subsidies and their impact on manufacturers are expected to be released in the coming months.
TroibNews 
China plans to significantly boost funding for equipment upgrades and consumer goods trade-in programs in 2025, concentrating on subsidizing digital product purchases as part of a wider strategy to enhance domestic demand and stimulate economic recovery.
This initiative will provide subsidies for consumers buying mobile phones, tablets, smartwatches, and wristbands.
The announcement was made during a government press conference on Friday, where Yuan Da, deputy secretary-general of the National Development and Reform Commission, detailed the government's plans. The increase in funding will be supported by issuing ultra-long special treasury bonds.
Expanded funding support
Funding support will be broadened to encompass areas such as electronic information, production safety, and agricultural facilities.
In addition to digital products, the government will further enhance subsidies for the upgrade of new energy city buses, batteries, agricultural machinery, and home decoration-related consumer goods.
This new funding is an extension of an action plan initiated in March 2024, aimed at promoting large-scale equipment renewal and trade-ins to stimulate domestic consumption and aid economic growth. Yuan pointed out that these initiatives have successfully reinforced investment, increased household consumption, and accelerated the transition to green technology over the past year.
Confidence for future development
While recognizing the complex and challenging external environment along with the new difficulties facing the Chinese economy in 2025, Yuan expressed optimism about the country's economic future.
He stressed China's solid foundation, numerous advantages, strong resilience, and considerable potential. He also noted the positive effects of ongoing reforms, advancements in new quality productive forces, and efforts to enhance domestic circulation.
Yuan emphasized that the outcomes of policies introduced in the past year are expected to remain visible, and that there is significant room for macro policies, along with a variety of macro-control tools, to provide robust support for achieving the economic growth targets for 2025.
"We are full of confidence in promoting the continuous recovery of the economy in 2025, and also fully confident in completing the goals and tasks of the 14th Five-Year Plan with high quality," Yuan said.
Sanya Singh contributed to this report for TROIB News
This initiative will provide subsidies for consumers buying mobile phones, tablets, smartwatches, and wristbands.
The announcement was made during a government press conference on Friday, where Yuan Da, deputy secretary-general of the National Development and Reform Commission, detailed the government's plans. The increase in funding will be supported by issuing ultra-long special treasury bonds.
Expanded funding support
Funding support will be broadened to encompass areas such as electronic information, production safety, and agricultural facilities.
In addition to digital products, the government will further enhance subsidies for the upgrade of new energy city buses, batteries, agricultural machinery, and home decoration-related consumer goods.
This new funding is an extension of an action plan initiated in March 2024, aimed at promoting large-scale equipment renewal and trade-ins to stimulate domestic consumption and aid economic growth. Yuan pointed out that these initiatives have successfully reinforced investment, increased household consumption, and accelerated the transition to green technology over the past year.
Confidence for future development
While recognizing the complex and challenging external environment along with the new difficulties facing the Chinese economy in 2025, Yuan expressed optimism about the country's economic future.
He stressed China's solid foundation, numerous advantages, strong resilience, and considerable potential. He also noted the positive effects of ongoing reforms, advancements in new quality productive forces, and efforts to enhance domestic circulation.
Yuan emphasized that the outcomes of policies introduced in the past year are expected to remain visible, and that there is significant room for macro policies, along with a variety of macro-control tools, to provide robust support for achieving the economic growth targets for 2025.
"We are full of confidence in promoting the continuous recovery of the economy in 2025, and also fully confident in completing the goals and tasks of the 14th Five-Year Plan with high quality," Yuan said.
Sanya Singh contributed to this report for TROIB News
