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

Thirty-six people were injured and more than 14,000 evacuated as of 08:00 on Saturday, as Typhoon Bavi, the ninth typhoon of the year, reached northeastern Taiwan in China early Saturday morning.

The storm has also forced the cancellation of flights in Taipei and Taichung, and the suspension of work and classes in most areas across the island.

The latest information indicated that winds and rainfall were intensifying across Taiwan, with scattered reports of damage including power outages and a landslide.

Weather authorities said the center of the typhoon was located over waters about 360 kilometers southeast of Taipei, moving northwestward at a speed of 27 kilometers per hour.

Heavy rainfall will continue throughout the day, with extremely heavy rain forecast for the mountainous areas north of Taichung, and strong winds in many areas. The public has been urged to avoid going to beaches due to high waves.

Rainfall is expected to continue into the night in the mountainous areas of central and southern Taiwan, said meteorological officials, adding that rainfall across the island will gradually subside on Sunday.

36 injured, over 14,000 evacuated as Typhoon Bavi reaches Taiwan