In an ambitious $42 billion stimulus move, China is offering heavy subsidies and cashback to citizens who upgrade their smartphones, fridges, ACs, TVs, cars, and even tractors. From up to 20% off on energy-efficient appliances to ₹2.3 lakh off on electric cars, this massive program aims to boost domestic demand, revive sluggish factory output, and meet green energy goals.

This upgrade wave comes as China targets a 5% GDP growth in 2025 amid global economic uncertainty. Officials are hoping to trigger over $137 billion in new retail sales. And it’s working-appliance sales have jumped by 33%, and offline stores are seeing a resurgence in footfall.

But there's a catch: Only eco-friendly, high-efficiency products qualify for the biggest rewards. The move is not just economic, it's also part of a tech modernization and environmental reform strategy.

As the world watches, experts believe this could become a global model - especially for countries seeking a domestic consumption-led recovery.