More than 20 million consumers have applied for China's electronic products trade-in subsidies since the government launched the new pro-consumption program three weeks ago, in addition to the action plan adopted in March 2024 to promote large-scale equipment renewal and trade-in of consumer goods, according to the latest official data released by the Ministry of Commerce on Sunday.
Some 20.09 million consumers applied for the subsidies to buy 25.41 million units of electronic products such as mobile phones as of Saturday, showed the Ministry of Commerce data.
China started to offer subsidies for electronic products trade-in from Jan. 20 as the country expanded the scope of consumer goods trade-in programs to further boost consumption, which provides consumers with up to 500 yuan (about 68.60 U.S. dollars) apiece on the purchase of digital products.
Card payment giant China UnionPay said it has recorded 6.27 million subsidized transactions with sales value totaling 20.58 billion yuan (about 2.82 billion U.S. dollars) in the reporting period.
Driven by the government incentives, mobile phone sales in China jumped by 74 percent in volume and 65 percent in value on a weekly basis in the week prior to the Spring Festival, which fell on Jan. 29 this year, market data revealed.
The March 2024 adoption of the action plan to promote large-scale equipment renewal and trade-in of consumer goods is part of efforts to boost domestic demand and support economic growth. Official data showed that the trade-in scheme boosted sales of automobiles by 920 billion yuan (about 126.22 billion U.S. dollars) last year, and that of home appliances by 240 billion yuan (about 32.93 billion U.S. dollars).
Over 20 million Chinese consumers apply for electronic products trade-in subsidies
Over 20 million Chinese consumers apply for electronic products trade-in subsidies
Over 20 million Chinese consumers apply for electronic products trade-in subsidies
The Chinese animated blockbuster Ne Zha 2 began preview screenings in London on Friday ahead of its official release in the country and Ireland on March 21, attracting excited crowds to watch the film in advance.
The film made its debut in the UK at London's BFI IMAX, home to the country's largest IMAX screen and is scheduled to screen in over 250 cinemas of 100 cities across the UK and Ireland during the first week of release.
The film's Europe-wide distributor, Trinity CineAsia, announced that it has acquired theatrical distribution rights for Ne Zha 2 across 37 countries in Europe, including the UK, Ireland, and Germany. This scale of film release is exceptionally rare in the history of overseas distribution for Chinese-language films, reflecting the strong confidence of local cinemas in the movie's market potential.
"The fact that it is here and, you know, that we are getting a lot more influx of films from all across Asia from China, South Korea, Japan, South Asia as well. I think it's really good to kind of like widen the palate, because we all want to escape our little cinematic bubble and see what the rest of the world has to offer," said Jack Martin, a film reviewer, in an interview with the China Central Television (CCTV).
"Ne Zha 2" has shattered global box office records to become the No. 1 box office animated film of all times and also the first non-Hollywood production to crack the global all-time top 10 box office chart.
Rooted in 16th-century Chinese mythology with a bold reinterpretation, the movie has attracted attention of global audiences with its stunning visuals, well-crafted storytelling, and deep cultural heritage.
"And I think all these elements show that Ne Zha 2 is both a film that's modern, but also has its roots in something very deep and very ancient," said Cedric Behrel, managing director of Trinity CineAsia, in an interview with the CCTV.
Many audiences attending the preview screening in London have shared their thoughts about the movie in interviews with the CCTV.
"It was moving like heartwarming. Yes, I'll go home now and talk to it to all my friends," said a moviegoer.
"I thought that the humor of the film was really great, but it balances so perfectly with some of the more dramatic and heartfelt moments of it. And yeah, I really, really enjoyed it. And the language barrier was not a problem at all," said another moviegoer.
"We might not speak the same language, but at its heart is a very universal theme of friendship and just trying to do right in the world. And I think that a lot of people really resonate with that. I can see why it's done so well in China already," said Jack Martin.
James Smith, an social media influencer, shared his views about the movie in Chinese language during the interview. He thought the movie can serve as a bridge for foreigners to understand Chinese culture.
"I watched Ne Zha, the 2019 box office hit, in China. When I heard that its sequel was set to debut in the UK today, I rushed to the cinema to see it. It's definitely a great movie, filled with humor, touching moments, and encouragement. My friends often ask me how they can better understand China, because they think I know something about the country. I would say that you can watch the Ne Zha 2, as I believe it's a great film and through which you can learn something about Chinese culture," he said.
Ne Zha 2 begins preview screenings in London, captivating local audiences
