BEIJING (Reuters) -China will issue the rest of its consumer goods trade-in funds in an orderly manner and the central government is now guiding local governments to use the funds at a stable pace, state media Securities Times reported on Wednesday. The central government has allocated 162 billion yuan ($22.54 billion) out of 300 billion […]
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China will issue remaining consumer goods subsidies at stable rate, state media says
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BEIJING (Reuters) -China will issue the rest of its consumer goods trade-in funds in an orderly manner and the central government is now guiding local governments to use the funds at a stable pace, state media Securities Times reported on Wednesday.
The central government has allocated 162 billion yuan ($22.54 billion) out of 300 billion yuan in special treasury funds under the scheme to local governments, the report said.
The scheme, a major campaign to revive household consumption in the world’s second-biggest economy, helped retail sales rise last month. However, at least six cities and municipalities across China have suspended trade-in subsidies for car buyers in June, according to Reuters’ review of government announcements.
($1 = 7.1863 Chinese yuan renminbi)
(Reporting by Ellen Zhang and Ryan Woo; Editing by Christian Schmollinger)