China to Subsidize Smartphones to Boost Consumption

China will expand consumption subsidies to include smartphones and other electronic devices as part of efforts to stimulate domestic spending. Officials from the National Development and Reform Commission announced that the national exchange program, currently applicable to household appliances and automobiles, will be broadened this year to also cover personal devices like phones, tablets, and smartwatches. This move is part of efforts to boost consumption to counterbalance the effects of new U.S. tariffs on Chinese exports, which play a key role in China's growth.