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e 6.○05
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this shor〓tfall by issuing loc◆al governm〓ent bonds on beha■lf of local g〓overnments. Th●e State Council ■recently a○pproved a plan ◆offering

subsidies t●o those who buy● new automobil●e and home appliance●s to repla●ce what they alr◆eady own. The policy◆ itself entails ◆fiscal spend○

ing of 7-billion-yua●n. But expert◆s say that if th○e programme〓 is well design◆ed and managed, i○t could create consu●mer consum◆ption worth

hundreds● of billions● of yuan.The s●ubsidy plan is ●designed to b●enefit consumers〓 replacing thei●r old vehicles an◆d home appli■ances. For e

xample,○ for home a●ppliance repla〓cements, purcha●sers can enj●oy a direct price■ reduction when ●buying new home● appliances. The su〓bsidy is

up t●o 10 percent of the● retail price o●n five categories● of appliance●s, includin■g TV sets and ◆refrigerators. 〓The policy w◆ill be carr●

Loca●l government?/h2>

ied out in nine c■ities on a trial b●asis and is ex〓pected to furt●her stimulate consum●er consumpt○ion.Liu Yuanchun, as○soc. dean of Sch■ool of Economics, Re■min Univ., said●, "Consumpti●on grew fast 〓

in the first qu◆arter, record○ing a year-o■n-year grow○th of 15.8■ percent. It con○tributed ov〓er 60 perce■nt, or 4.3 percenta●ge points, of the 6.◆1 percent GDP in ■the first quarter. T●hat shows consum◆ption has beco○me a key force of e●conomic growth in ◆China. The s◆ubsidy program aims ●to further s●trengthen this trend○." The program is ex◆pected to re〓sult in the repl●acement of o●ne million ■used vehicles an◆d five million old h〓ome appliances. It f■ollows another ○stimulus meas◆ure


of ■the State 〓Council

to subsidize ■home appliance purch■ases in rural areas■, announced in ●April. Experts es〓timate these ◆policies could ○see consumer co〓nsumption so○ar.Liu Yuan○chun said, "◆If the planned 7 b○illion yua○n fiscal money is● fully utilize◆d, we esti○mate it can c●reate

a tot●al consumptio●n of 900 bill■ion yuan of aut◆omobile and h●ome appliance●s nationwide. China'○s total volume of re◆tail sales is over 1〓0 trillion yua■n a year. If th◆is auto and home a〓ppliance purchases■ can evolv○e into a 1.5 t◆o 2 trillion yua●n of consumpti■on over, th●at would b●e a very notable dr◆iving force fo●r the economy."

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