China's digital product market has received a major boost as the Ministry of Commerce rolled out a nationwide subsidy program on Monday, providing a 15 percent discount on eligible products, including smartphones, tablets, and smartwatches, which has fueled a surge in orders.
The new subsidy program, announced by the Ministry of Commerce on Jan. 15, gives a 15 percent discount on the sales price of eligible digital products priced below 6,000 yuan (around 835 U.S. dollars) per item. Each consumer can receive a maximum subsidy of 500 yuan (about 70 U.S. dollars) per product, with a limit of one subsidized item per category.
The subsidy program, which covers digital products such as smartphones, tablets, smartwatches, and wristbands, has ignited a wave of consumer excitement, driving a sharp increase in production orders across the industry. It has been implemented in 29 regions across China, including Beijing, and will gradually be rolled out in other places.
In Beijing, a leading digital products store is offering subsidies on over 400 products from multiple brands, providing customers with a wide range of options to take advantage of the discount.
The store sold 20 mobile phones within just two hours on Monday, a testament to the intense consumer interest in the subsidized products.
"We have prepared sufficient stock, with the stock volume being five times the usual level," said Liu Jincheng, staff member at the digital product store.
In Changxing County, east China's Zhejiang Province, mobile phone shops were bustling with buyers on Monday, many of whom were eager to take advantage of the subsidies to purchase their desired products.
"The total discount amounted to over 1,000 yuan (about 137 U.S. dollars), which is enough for me to buy a watch. The discount is quite generous," said Xu Siyan, one of the customers.
China's digital product market sees surge in sales as subsidy program takes effect
