MNI BRIEF: China Consumption Policy Support Working - NDRC
MNI (BEIJING) - China’s investment in the purchase of equipment and tools increased by 16.8% during the first eight months of the year, demonstrating the government’s success in supporting equipment upgrading and consumer goods trade-ins, Zhao Chenxin, deputy director at the National Development and Reform Commission, said at a press conference on Monday.
Sales of refrigerators, washing machines, TVs, air conditioners, and computers on JD.com increased by 128%, 86%, 130% 240% and 52% year-on-year respectively, reflecting policy effects, Zhao added.
All CNY150 billion of government-bond funds towards consumer goods trade-ins were issued by early August, Zhao said.
China needs to clarify rules that protect foreign investors and further open up its service sector if it is to reverse a near one-third drop in foreign direct investment so far this year MNI reported recently. (See MNI: China Needs Clarity, Opening To Reverse FDI Drop)