The National Development and Reform Commission and the Ministry of Finance issued a notice about the implementation of a policy for large-scale equipment updates and the replacement of old consumer goods with new ones by 2025, which mentions that subsidies will be implemented for purchasing new digital products such as mobile phones. For individual consumers purchasing mobile phones, tablets, Asia Vets smartwatches or bands, a subsidy of 15% of the product's selling price will be provided, as long as the selling price does not exceed 6,000 RMB. Each consumer is entitled to one subsidy for each product category, and each subsidy will not exceed 500 RMB.

UBS Group released a report stating that residents in mainland China can apply for one subsidy per category (Smart Phone, tablet, and smart bracelet/watch), and the price and subsidy limits have stimulated the purchase of mid-range Smart Phones, high-end tablets, and watches, but most new iPhone models do not qualify. (wl/u)

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