China’s bustling cities are experiencing a green revolution. In neighborhoods across the Chinese mainland, old appliances are being swapped for shiny new energy-efficient models, and gas-guzzling cars are making way for the latest electric vehicles. This surge in green consumption is fueled by a government-led trade-in program that’s capturing the imagination of millions.
In July, the State Council made a bold move by allocating 300 billion yuan ($41.3 billion) in ultra-long-term special government bonds to support trade-in programs for consumer goods like home appliances and automobiles. The objective? To encourage citizens to embrace sustainable living by providing substantial incentives to trade in their old products for greener alternatives.
“We have partnered with factories and banks to provide subsidies to customers, with discounts of up to 50 percent or more,” explained Wang Zhaotong, director of consumer electronics sales at Suning Beijing. “In Beijing, more than 200,000 consumers have received government subsidies, accounting for 90 percent of total orders. Since October this year, Suning in Beijing has seen an overall sales increase of 95 percent year-on-year.”
Consumers are responding enthusiastically. A resident surnamed Chen, who replaced his six-year-old car with a new energy vehicle (NEV), shared his excitement: “I no longer need to worry about fuel consumption,” he told a local newspaper in Guangzhou, happily noting the subsidized price he received.
The impact is significant. Government data shows that over 62 percent of cars sold through the trade-in program are NEVs, and over 90 percent of electric home appliances sold are classified as “Grade 1” energy efficiency—the highest rating in the five-grade system.
This shift is not only reducing China’s carbon footprint but also spurring innovation. Companies like Contemporary Amperex Technology Co., Limited (CATL) are rising to meet demand. CATL has developed fast-charging battery technology that dramatically reduces charging times for electric vehicles. Similarly, Gree, a leading home appliance manufacturer, has introduced new direct current air conditioners that enhance energy efficiency and improve indoor air quality. These innovations have been recognized as pivotal green-tech advancements by the Patent Protection Association of China in 2024.
As the annual Central Economic Work Conference approaches, expectations are high that China will continue to invest heavily in green technologies and infrastructure. By promoting sustainable consumption and supporting green innovation, the country is positioning itself as a global leader in sustainable development—setting an example for nations worldwide.
Reference(s):
New innovation drive: China's trade-in policy sparks green consumption
cgtn.com
