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China Is Buying Appliances and iPhones. What Happens When the Subsidies Stop?

Shoppers are taking advantage of a $42 billion government trade-in program aimed at boosting spending. But in recent weeks, some cities have started to cut back on the subsidies.

© Kevin Frayer/Getty Images

A shopping area in Beijing. Confronting a trade war with the United States, China’s government has poured $42 billion this year into a consumer trade-in program.
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