South China's Guangdong province, a global production base, is increasing subsidies to encourage its residents to trade in old for new, with the aim of expanding consumption.
According to Zhang Jingsong, director of the Guangdong Provincial Department of Commerce, under the new implementation plan to encourage trade-ins, the subsidy intensity for part-exchanges will be greater and cover a broader commodity scope.
The maximum subsidy ratio for a single item can now reach 20 percent, and the maximum subsidy amount can reach 2,000 yuan ($281.69) for a single item. Zhang made the remarks on Thursday at a news conference in Guangzhou, Guangdong province.
"For example, a resident can enjoy a subsidy of up to 1,000 yuan if he or she purchased an air-conditioner valued at 5,000 yuan, while he or she would be offered a subsidy valued at 2,000 yuan for buying an energy-efficient refrigerator for 10,000 yuan," said Zhang.
Meanwhile, the subsidies for buying new energy and fueled vehicles have been increased to 20,000 yuan and 15,000 yuan, respectively, for individual consumers starting Thursday.
Previously relevant subsidies were 10,000 yuan and 7,000 yuan, respectively, said Zhang.
Zhang's department lead the efforts to draft the new implementation plan.
Wang Muxing contributed to this story.