Ministry of Commerce reports and official statistics

China Boosts Economy with $42.5 Billion Equipment Upgrade and Home Appliance Trade-In Plan

Sep 25, 2024, 05:51 AM

China has implemented a comprehensive plan to promote large-scale equipment upgrades and trade-ins of consumer goods, significantly boosting the country's industrial development and economic momentum. The initiative, supported by 300 billion yuan ($42.5 billion) in treasury bonds, has been bolstered by substantial financial support from authorities. The home appliance sector has seen a notable increase in sales, driven by the trade-in policy, with 3.86 million customers purchasing over 5.2 million home appliances this year. Additionally, subsidies worth CNY4.7 billion (USD660 million) have been provided for these trade-ins, according to the Ministry of Commerce. The program has yielded positive impacts, with local governments playing a crucial role in propelling domestic consumption. Furthermore, China plans to establish a state-owned enterprise focused on recycling to further support these efforts.