Opinion: How to Ensure Equipment Upgrades Give China’s Economy a Second Wind

A new wave of large-scale equipment upgrades and consumer product replacements is in full swing, a government-driven operation whose effectiveness has long-term implications for the economy and deserves special attention.

In December, the Central Economic Work Conference called for “promoting large-scale equipment upgrades and replacements of consumer products.” Following the release of the Action Plan for Promoting Large-Scale Equipment Upgrades and Consumer Product Replacements by the State Council in March this year, central government departments and localities acted swiftly, releasing detailed implementation plans.