China has fully allocated this year's 250 billion yuan (about 37.3 billion U.S. dollars) in ultra-long special treasury bonds for consumer goods trade-ins, with the fourth batch of 62.5 billion yuan recently issued, according to the National Development and Reform Commission on Wednesday.
The program aims to spur consumption while delivering tangible benefits to the public.
Between January and August, sales of trade-in related goods totaled 1.55 trillion yuan, and 208 million people benefited from the subsidies.
The program facilitated the trade-in of 5.353 million vehicles and 91.458 million home appliances across six categories, including refrigerators and washing machines, along with 108 million digital and smart products.
The policy has driven rapid retail growth in telecommunication devices, energy-efficient home appliances, and wearable smart devices. New energy passenger vehicles have made up more than 60 percent of new passenger car retail sales for five straight months.
China completes allocation of 250 billion yuan for consumer trade-in program
Russian President Vladimir Putin warned on Thursday that Western attempts to inflict a "strategic defeat" on Russia could push the conflict into its "most brutal phase."
While speaking at the 23rd annual meeting of the Valdai Discussion Club, Putin said that for years, the West has sought to turn Ukraine into a tool against Russia, a practice that has pushed Russia into a position where it has no choice but to defend itself by force. However, "inflicting a strategic defeat on Russia" will not help achieve peace, he added.
Putin warned that military action and sanctions are never unilateral -- provocation from one side triggers the other's response, creating an ever-tightening "spiral of destruction." With major powers now possessing weapons capable of "destroying all life," threatening an opponent only increases the risk of the conflict entering its "most brutal phase," he said.
"The supply of weaponry from one country to another is nothing new. This constitutes military-technical cooperation and is no cause for concern. However, the involvement of other countries in direct combat operations certainly does raise concerns. What do I mean? We are fully aware that strikes deep into Russian territory could not proceed so smoothly for the Ukrainian armed forces without space-based reconnaissance and the technical assistance of Western specialists. This poses a threat to everyone. It amounts to the involvement of these countries in the war against Russia. And it creates additional threats for the future," said Putin.
Putin said that the parties to the Russia-Ukraine conflict will eventually need to rebuild a certain "stable balance," which requires mutual compromise and moving toward each other, and that Western countries must soberly assess the situation.
He added that the West also needs to adapt to the reality of a multipolar world and learn to cooperate on the basis of respecting the core interests of the majority of the international community.
Putin warns of escalation as West arms Ukraine
