July 25, 2024 13:25 GMT
MNI BRIEF: China State Planner To Increase Trade-in Support
MNI (BEIJING)
MNI (Beijing)
China will allocate CNY300 billion ultra-long special treasury bonds towards supporting large-scale equipment renewals and consumer good replacement projects, Zhao Chenxin, Deputy Director at the National Development and Reform Commission said on Thursday.
Speaking to reporters, Zhao said the government would also increase interest rate subsidies for bank loans supporting equipment renewals from 1 percentage point to 1.5pp for a period of 2 years and up to CNY20 billion.
China’s consumption and importation of crude oil will slow to low single digit percentage growth in 2024 from 2023's 11.5% y/y increase as base effects fade and the uptake of electric vehicles increases, a leading Chinese energy expert has recently told MNI. (See: MNI INTERVIEW: China Crude Oil Demand To Slow In 2024)
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