MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

China will provide incentives for companies to renew equipment and for consumers to trade in goods in order to boost consumption, investment and energy conservation, National Development and Reform Commission director Zheng Zhaojie told business leaders on Tuesday.

Zheng spoke at a symposium on large-scale equipment renewal where he met with representatives from firms including JD Group, Midea Group, Haier Group, Gree Electric Appliances, and Yadea Technology.

Greater fiscal support and higher income growth will boost consumer activity, a key driver of GDP growth this year, though retail sales are unlikely to match last year's levels, an advisor from a policymaking think tank told MNI recently. (See MNI INTERVIEW: China Consumption Key To Growth)