China Pledges Government Funds for Equipment Upgrades
- Plan aims to increase spending on equipment by about 25%
- Policy targets weak domestic demand for manufactured goods
The action plan aims to increase spending on equipment in sectors such as industry, agriculture, transport, education and healthcare by 25% this year.
Photographer: AFP/Getty ImagesChina pledged central government funds to encourage consumers and businesses to replace old goods and equipment, a pillar of its plan for economic growth of about 5% this year.
The action plan aims to increase spending on equipment in sectors such as industry, agriculture, transport, education and health care by at least 25% by 2027 compared with last year, the State Council said in a statement on Wednesday. It also intends to double the recovery of older cars and raise that of used home appliances by 30% during the period.