Upgrades and trade-ins are magnet for multinationals

China's implementation of large-scale equipment upgrades and consumer goods trade-in programmes will effectively attract global capital and boost consumption, supporting growth in the near term and reinforcing the economy over the long run, senior executives of foreign firms say.

- By ZHONG NAN

By stimulating both production and demand, these initiatives are emerging as a crucial driver for sustaining growth amid continuing economic transformation, they said.

China adopted an action plan in March last year to promote the renewal of large-scale equipment and trade-ins of consumer goods as part of efforts to boost domestic demand and support economic growth, the Ministry of Commerce said.