By Yifan Wang
China on Friday unveiled a host of measures to boost auto and electronics consumption, the latest move by Beijing officials to shore up the world’s second largest economy.
The country’s top economic planner, the National Development and Reform Commission, called for local governments to bolster and support auto purchases through measures that include raising annual car purchase quotas, optimizing second-hand car transactions and enhancing consumer credit support. The commission also said it will support more new-energy vehicle purchases by the public sector.
For electronics, Beijing offered similar stimulus measures, such as calling for companies to accelerate technological innovation in order to encourage consumers to replace and upgrade their devices more frequently. The officials also said they will support local government subsidies for electronics, home appliances purchases in rural areas.
The slew of measures comes amid rising investor hopes that Beijing would step up policy stimulus to help economic growth. Analysts are broadly expecting officials to take a more proactive approach to boosting economic growth in the second half of the year after China’s second-quarter GDP data missed expectations.
Write to Yifan Wang at [email protected]
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