An employee stands under a banner which reads "state-backed trade-in scheme, with a discount as much as 20 percent", outside a Suning electronics retail store in Beijing on January 15, 2025. Beijing is hoping subsidies for rice cookers, microwave ovens and smartphones can boost sluggish spending and help the country weather an economic storm from incoming US president Donald Trump. (Photo by Jade GAO / AFP) / To go with 'CHINA-ECONOMY-CONSUMER, REPORTAGE' by Peter CATTERALL (Photo by JADE GAO/AFP via Getty Images)