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CHINA PRESS: Trade-In Scheme To Add 1.4pp To Consumption This Year

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

China’s consumption will grow 5.5% in 2024 to CNY50.9 trillion, with the consumer trade-in policy adding 1.4 percentage points, according to estimates from Lian Ping, chief economist at the Guangkai Research Institute. Automobile scrap in H1 increased 27.6% y/y, while household appliance sales accelerated 2.1 pp above the same period last year, showing the effectiveness of such policy, Lian said. He noted China’s services spending accounts for 45% of total consumption and needs 15 years to reach developing country levels of 60%.

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China’s consumption will grow 5.5% in 2024 to CNY50.9 trillion, with the consumer trade-in policy adding 1.4 percentage points, according to estimates from Lian Ping, chief economist at the Guangkai Research Institute. Automobile scrap in H1 increased 27.6% y/y, while household appliance sales accelerated 2.1 pp above the same period last year, showing the effectiveness of such policy, Lian said. He noted China’s services spending accounts for 45% of total consumption and needs 15 years to reach developing country levels of 60%.