China’s new subsidy program has prompted a significant rise in digital product consumption, with 42 million consumers applying for aid, resulting in 66.95 billion yuan in sales. Retail sales of communication equipment grew by 26.2% year-on-year, exceeding other consumer goods categories. The program subsidizes purchases of various digital devices, benefiting both domestic and foreign brands.

In an effort to stimulate consumer spending, China has launched a subsidy program that has significantly increased demand for digital products in 2023. The Ministry of Commerce reported that since the initiative’s inception on January 20, over 42 million consumers have sought subsidies for digital devices such as smartphones, leading to sales totaling 66.95 billion yuan (approximately US$9.33 billion) as of the recent report date.

During the first two months of the year, retail sales for communication equipment soared to 159.4 billion yuan, reflecting a year-on-year growth of 26.2 percent, as indicated by the National Bureau of Statistics. This remarkable growth trajectory surpasses the same time frame in 2024 by a substantial margin of 10 percentage points, outperforming other consumer goods categories.

The subsidy program is an integral part of China’s broader strategy to enhance domestic consumption. Under this initiative, consumers are allowed to acquire subsidies for purchasing smartphones, tablets, smartwatches, or wristbands priced at or below 6,000 yuan per item, receiving a subsidy of 15 percent of the sales price, capped at 500 yuan per item. This financial support is available for both domestic and foreign brands, promoting a competitive marketplace.

China’s subsidy program has effectively stimulated consumer interest and spending in digital products, reflected in robust sales figures and a marked increase in retail sales of communication equipment. By providing substantial financial incentives, the government aims to bolster domestic consumption and encourage the purchase of a diverse array of digital devices.

Original Source: www.shine.cn

Related posts:

Cambodia’s Foreign Trade Volume Surges to 9.44 Billion Dollars Brazil Gains Access to China for Table Grapes After New Protocol Agreement India’s Remittances Reach $129 Billion in 2024: A Global Leader in Diaspora Financial Flow North Korea’s Art Sales and Wig Trade Continue Amid International Scrutiny