From the Associated Press via WTOP radio, Washington D.C., January 8:
China’s leaders are bracing for shocks to the economy from higher tariffs threatened by U.S. President-elect Donald Trump once he takes office.
To help rev up an economy bogged down by a property crisis and disruptions during the pandemic, the ruling Communist Party is rolling out a slew of measures to get Chinese consumers and businesses to spend more money and counter a slump in the Chinese currency and stock prices.
Here are some of the top items on China’s list of priorities for 2025:
Subsidies for spending
China plans to expand its cash for clunkers and appliance recycling programs to encourage more purchases of new, energy-efficient models. The recycling that began last year has led to the replacement of 6.5 million fuel-powered vehicles with electrics and hybrids since June, officials of China’s main planning agency said Wednesday. They also cited a double-digit growth in the past several months in sales of new appliances.Subsidies of up to 20% of sales prices will now apply to a dozen types of appliances and also include digital products such as mobile phones, they said. The government is also subsidizing the upgrading of outdated factory equipment.
Crackdown on shakedowns
Local officials have been warned not to conduct unjustified “arbitrary inspections” that interfere with normal business, Hu Weilie, a vice minister of Justice, told reporters Tuesday according to state media reports....
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