China Wants Everyone to Trade In Their Old Cars, Fridges to Help Save Its Economy [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
That's one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It's widely expected to be one of this year's main stimulus programs, though question-marks remain — including how much the government will spend. Four months after President Xi Jinping flagged a proposal to help households and businesses upgrade old machinery, details are still trickling out. At a briefing earlier this month officials from multiple departments announced the fullest version so far, and promised more to come. Trade-ins have the potential to speed up growth, currently forecast to fall a bit short of China's target of about 5%. They can also make it less lopsided, by encouraging purchases at home to balance an export drive. That could ease some of the global concern about overcapacity in China's factories. Local governments will be in charge of many practicalities. The city of Suzhou, in China's wealt
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