Trade-in program continue spurring consumer spending in new year

Many regions across China are continuing or increasing incentives for trade-in program into the near year, with consumers enjoying more discounts in their major move-up purchases. 

In Shanghai, consumers can enjoy a 15 to 20 percent discount on eight categories of products such as television sets, washing machines, and range hoods in the new round of trade-in promotion. Coupons are available online, which can be used for discounts both in physical stores and on e-commerce platforms.

"I've come here to buy a water heater, and the discount is quite good. Without the national subsidy scheme, it would have cost over 3,000 yuan (roughly 410 in U.S. dollars), but now it's 600 to 700 yuan (82 to 96 U.S. dollars) cheaper. It's a great deal," said a resident in a downtown mall.

In south China's Guangxi Zhuang Autonomous Region, the regional department of commerce announced that the amount of subsidy for automobiles, home appliances, and electric bicycles will remain basically at the same levels as in 2024 until new trade-in related measures roll out, while the size of subsidy for products such as mobile phones, tablets, and smart bracelets is expected to be unveiled soon.

The trade-in program is part of China's efforts to boost domestic demand and support economic growth.

Trade-in program continue spurring consumer spending in new year

The Pentagon acknowledged late Friday, local time, that the number of U.S. troops who had died during its operations against Iran was higher than previously reported, raising the official death toll to 21.

The revised figure includes two additional noncombat deaths: an Army National Guard major who died in Kuwait in March and a Navy service member who died in September.

The Pentagon's publicly available database had previously listed a lower death toll. According to the latest data, 865 service members had been wounded in the related operations as of October 9.

Sources familiar with the matter say official statistics fail to fully capture U.S. military casualties from the war with Iran.

Since the start of the war, actual U.S. casualty numbers have exceeded those recorded in the Pentagon's official database, with the records omitting information on hundreds of U.S. service members who were killed or injured, they said.

US troop death toll in Iran war raised to 21