Windy Shao

windysjf@hotmail.com

SHENZHEN has unveiled an array of initiatives to promote equipment upgrades and consumer spending, according to a press conference held by the city government at the Civic Center in Futian District on Friday.

The city has earmarked a substantial fund exceeding 1 billion yuan (US$138 million) to facilitate technological overhauls in industrial setups. Subsidies totaling 450 million yuan have been allocated to bolster consumer spending by encouraging residents to trade in aging products for newer alternatives.

A significant portion of these incentives are subsidies totaling 260 million yuan from both the city and district governments designed to incentivize car owners to swap their outdated vehicles for new energy vehicles and more eco-friendly petrol cars.

The city has also earmarked 190 million yuan for subsidies that will assist citizens with replacing their used electronic devices and household appliances with new ones.

The public application platform for the subsidies has been operational since Friday, and subsidies up to 8,000 yuan for each new energy vehicle and 7,000 yuan for a new gasoline-powered vehicle are currently available. The subsidy program adopts a “buy now, enjoy now” approach for residents.

Shenzhen  unveiled a two-stage plan to promote large-scale equipment upgrades and trade-ins of consumer goods April 30.

The 2025 target states that Shenzhen aims to set a national example in large-scale equipment upgrades and trade-ins of consumer goods — its goal is to achieve a 100% digital transformation rate for key industrial firms. Meanwhile, by 2025, equipment investment in sectors such as construction, transportation, education, tourism, and health care is expected to increase more than 20% compared with 2023.

Shenzhen also seeks to boost purchases of automobiles, electronic products, and home appliances and achieve investment and consumer spending in these sectors exceeding 180 billion yuan by 2025.

Shenzhen’s investment in equipment upgrades in the energy sector is expected to reach 14 billion yuan by 2025 and swell to 28 billion yuan by 2027, according to the press conference.