China will expand consumption subsidies to cover smartphones and other electronics, in a step to promote domestic spending as external headwinds pick up. From a report: A national trade-in program that currently applies to home appliances and cars will broaden this year to include personal devices like phones, tablets and smartwatches, officials from the nation’s top economic planning agency said in a briefing Friday.

Chinese consumers in the post-Covid era have begun holding onto their smartphones longer, given a lack of exciting new features and general belt-tightening. As with cars and washing machines, investors hope incentives will revive the world’s largest smartphone market and drive sales for not just brands such as Huawei and Xiaomi, but also galvanize business on platforms popular with device fans like Alibaba Group and JD.com.