China's Ministry of Commerce said on Tuesday that it firmly objects to the U.S. move adding 11 Chinese firms to its export control "entity list" on so-called military-related grounds.
According to the ministry's statement, the United States has long generalized the concept of national security, abused export control measures and suppressed and contained other entities, and these actions have seriously harmed the legitimate rights and interests of relevant entities, undermined the security and stability of global industrial and supply chains, and hindered the recovery and development of the world economy.
China urges the U.S. side to immediately stop its wrongful practices and the country will take necessary measures to safeguard the legitimate rights and interests of Chinese entities, the statement said.
China opposes addition of 11 firms to U.S. "entity list"
China opposes addition of 11 firms to U.S. "entity list"
China opposes addition of 11 firms to U.S. "entity list"
China opposes addition of 11 firms to U.S. "entity list"
China has allocated 81 billion yuan (about 11.04 billion U.S. dollars) in subsidies for the country's trade-in promotion for 2025, said an official from the Ministry of Finance in Beijing on Wednesday. Fu Jinling, director of the Department of Economic Construction at the Chinese Ministry of Finance, said the ministry has expanded its subsidy program to cover a wider range of sectors and has also raised the funding standards for areas with significant financial needs and high public interest
"For instance, we will expand the support for equipment restoration to more fields like electronic information, production safety, and facility agriculture. We will expand the categories of home appliance products eligible for trade-in subsidies from eight to 12, and introduce new subsidies for purchasing new digital products such as mobile phones. We also raised the standards for subsidies for new energy public buses and power battery renewals, with the average subsidy per bus increased from 60,000 yuan (about 8,183.53 U.S. dollars) to 80,000 yuan (over 10,900 U.S. dollars)," said Fu.
By the end of 2024, China's central government had exhausted its 150 billion yuan (approximately $20.45 billion USD) allocation for trade-in consumption.
The Ministry of Finance also allocated another 150 billion yuan (about 20.45 billion U.S. dollars) for large-scale equipment restoration to local governments across the country, with the use clearly defined for specific projects.
China allocates 81 bln yuan for 2025 trade-in subsidies
