China has unveiled new measures to expand its old-for-new exchange program and equipment renewal policies for 2025, aiming to further stimulate consumer spending and drive industrial upgrades.
At a media conference held by the National Development and Reform Commission and the Ministry of Finance on Wednesday, officials announced that the number of household appliance categories eligible for the trade-in subsidy program will increase from eight last year to twelve in 2025. Consumers can receive a maximum subsidy of 20 percent of the sales price per item.
The updated policies also broaden the scope of funding support for equipment replacement to include the digital sector, industrial safety, and agricultural facilities.
Following the announcement, stocks of major household appliance manufacturers, e-commerce companies, and general retailers saw an uptick, according to an equity market overview on Baidu.
By mid-December, China’s trade-in policies had already spurred the replacement of 5.8 million vehicles, with several automakers reporting record sales, according to a report by China Central Television (CCTV). Over 33 million consumers purchased more than 52 million items through the old-for-new trade-in program, and more than two million sets of outdated equipment were updated, official data showed.
The old-for-new exchange program alone has driven over one trillion yuan (approximately $144 billion) in sales, fueling both consumption and investment while supporting industrial growth and the country’s green transition, CCTV reported.
These initiatives are part of China’s broader efforts to boost domestic consumption and accelerate the transition towards a more sustainable economy. By encouraging the replacement of old appliances and equipment, the government aims to stimulate demand for energy-efficient products, reduce environmental impact, and promote technological advancement in key industries.
Reference(s):
cgtn.com
