China's consumption subsidies have been quite conservative but actually effective. We expect more subsidies in 2H24 and far more in 2025. We further see the reform on consumption tax to be a LT fix.
What is covered in the Full Insight:
Introduction
Past Effectiveness of Consumption Subsidies
Necessity for New Round of Subsidies
Potential Scale and Impact of Upcoming Subsidies
Long-term Fixes and Tax Reform
SUMMARY
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