China wants everyone to trade in their old cars, fridges to help save its economy

Subsidies will be offered to consumers who buy new EVs or other energy-conserving cars. — Reuters

China’s world-beating electric vehicle industry, at the heart of growing trade tensions with the US and Europe, is set to receive a big boost from the government’s latest effort to accelerate growth.

That’s one takeaway from what Beijing has revealed about its plan for incentives that will encourage Chinese businesses and households to adopt cleaner technologies. It’s widely expected to be one of this year’s main stimulus programmes, though question-marks remain – including how much the government will spend.