Beijing intends to strengthen measures to support the implementation of the program for the modernization of equipment and trade in consumer goods.

Information about the mentioned plans of the Chinese leadership was published on Friday, July 19, by the state media of the Asian country with reference to a cabinet meeting.

Beijing will expand support for equipment modernization in areas such as energy, electricity, and battery production. According to media reports, the relevant areas of government efforts were mentioned at a meeting of the Cabinet of Ministers of China.

The central political leadership of the Asian country is convinced that large-scale modernization of equipment and replacement of consumer goods is the driving force of economic growth. Also, Beijing, as it was said at the cabinet meeting, perceives the increase in policy support as a tool for better realizing the potential of domestic demand. It is worth noting that internal consumption is currently weak in China. This circumstance is a factor with a negative impact on the dynamic of the world’s second-largest economy and significantly limits its prospects.

Also at the cabinet meeting, a statement was made that Beijing would coordinate the allocation of ultra-long special treasury bond funds to further stimulate the process of equipment modernization and trade in consumer goods. Moreover, at this meeting, as reported by the media, it became known about the intentions of the Chinese government to increase subsidies for scrapping and renewing used cars and home appliances. Besides, Beijing will support the recycling of waste electrical and electronic products.

As we have reported earlier, China’s Premier Positively Estimates Country’s Economy.