China’s State Council on Tuesday announced it had earmarked US$292 million for a plan to offer consumers a 10% subsidy on purchases of appliances such as televisions, washing machines, air conditioners and computers, the Financial Times reported. The plan would allow consumers in nine affluent Chinese cities, including Beijing and Shanghai, to receive a 10% discount on the purchase price of a new appliance should they trade in their old one for recycling. By extending the discounts to affluent urban areas with established retail networks, Beijing hopes to quickly kickstart consumption to offset falling exports and a slowing economy. The new plan has fewer restrictions than a similar plan intended to boost appliance purchases in the countryside, which required consumers to prove rural residency and was limited to low-end appliances approved by the government.
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