China's state planner held a meeting with six private firms including JD.com (9618), to seek their advice on how to promote the trade-in of vehicles and home appliances.
Zheng Shanjie, chairman of the National Development and Reform Commission, hosted the first meeting about large-scale equipment updates and consumer product trade-ins, according to a statement by the state planner.
Besides the mainland e-commerce giant JD.com, China's leading home appliances manufacturers including Midea Group, Haier Electronics, Gree, electric motorcycles giant Yadea, and waste battery recycler GEM attended the meeting.
Trade-ins is one of the latest measures by Beijing to boost consumption amid inadequate domestic demand.
Zheng said the NDRC and other authorities will work with the private sector to strengthen the information and intelligence technologies to promote trade-ins among the residents.
Meanwhile, BOC Research Institute expects China's economy to grow around 5.1 percent in the second quarter, 0.3 percentage points faster than the first three-month period. It said that consumer spending will continue to be an economic growth driver in the second quarter, with the potential of spending on services expected to be further released.
However, UBS warns that real consumption growth would slow to about 5.5 percent this year from 6.4 percent last year, as the low base effect is fading.
The Swiss investment bank also found the spending sentiment remains conservative, as the revenue growth in the past three months was 3.3 percent, versus 4.4 percent in July 2023.
The meeting was hosted by Zheng Shanjie. Bloomberg
