As threats of a new trade war loom, China is seeking to boost domestic demand by dangling subsidies in front of a nation of wary spenders. For 31-year-old Huihui Xu, that means she can finally afford a 6,700 yuan ($922) La-Z-Boy armchair, the kind that comes with a retractable footrest.
“Without the subsidy policy, I wouldn’t think about making these purchases,” said Xu, who earns about 10,000 yuan a month in the southern city of Shenzhen. Requesting the use of a nickname to discuss personal finances, the teacher said she bought over 50,000 yuan’s worth of appliances, including washing machines and refrigerators, with the government footing nearly 20% of the bill. “I want to seize the opportunity.”
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