America’s cash for clunkers is back-in China

News Snapshot:

SINGAPORE—In a new push to boost the economy, China’s leaders are resurrecting a policy familiar to many Americans from the 2008-09 financial crisis: cash for clunkers. Beijing isn’t just dangling financial incentives to trade in old jalopies for new vehicles, though, as the U.S. did. It also wants households to swap out rickety home appliances and factories to get new equipment. Beijing has billed the trade-in program as a long-awaited stimulus package aimed at lifting consumer spending, although economists are doubtful the effect will be large. They also say the policy is likely to encourage Chinese factories to expand and...