By Jiahui Huang
China will expand its consumer subsidy program to include smartphones, tablets and smartwatches, as part of efforts to revive subdued consumption in the world's second-largest economy.
The country's top economic planning agency announced Friday that Beijing would broaden its existing program, which currently encourages consumers to trade in and upgrade vehicles and home appliances, to include electronics, safety products and more.
Details of the expanded plan will be released soon, the agency said.
Shares of Chinese smartphone makers and home appliances companies surged in Hong Kong following the announcement.
Xiaomi rose 6.6%, making it the top performer on the benchmark index.
Last year, China introduced trade-in programs aimed at replacing home appliances and cars, which successfully boosted auto demand, particularly in the final months of the year.
Investors have been closely watching to see if the initiatives would continue into 2025.
Beijing implemented similar trade-in programs in 2009 and 2010 to stimulate consumption, signaling its ongoing strategy to support economic growth through domestic demand.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
January 03, 2025 04:33 ET (09:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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