China is making significant strides toward sustainable development, as a government-led trade-in program sparks a nationwide shift toward greener consumption. Encouraging consumers to swap out older, less efficient products for environmentally friendly alternatives, this initiative is redefining consumer behavior and stimulating new markets for green technologies.
In July, the State Council allocated 300 billion yuan (approximately $41.3 billion) in ultra-long-term special government bonds to support trade-in programs for consumer goods such as home appliances and automobiles. This substantial investment has fueled a green consumer trend across the country.
Chinese consumers have embraced these trade-ins with enthusiasm. From electronics and appliances to vehicles, people are increasingly opting for products that are more energy-efficient and environmentally friendly. This shift not only reduces the nation’s carbon footprint but also fosters innovation in green technology sectors.
“We have partnered with factories and banks to provide subsidies to customers, with discounts of up to 50 percent or more,” said Wang Zhaotong, director of consumer electronics sales at Suning Beijing, in an interview with CGTN. “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.”
Individual consumers are also noticing the benefits. A consumer surnamed Chen, who replaced his six-year-old car with a new energy vehicle (NEV), told a local newspaper in Guangzhou that he “no longer needs to worry about fuel consumption” while enjoying a subsidized price.
Government data shows that over 62 percent of cars sold in the trade-in program are NEVs, while over 90 percent of electric home appliances sold belong to the “Grade 1” energy efficiency category—the most efficient in the five-grade rating system.
Innovative companies are capitalizing on this growing demand for sustainable products. Contemporary Amperex Technology Co., Limited (CATL), a leading battery manufacturer, has developed fast-charging battery technology that significantly reduces charging time for electric vehicles. Meanwhile, Gree, a major home appliance manufacturer, has introduced a new direct current air conditioner that offers improved energy efficiency and indoor air quality. These technologies have been recognized as pivotal green-tech innovations by the Patent Protection Association of China in 2024.
By promoting trade-in programs and supporting green innovation, China is setting a global example for sustainable consumption. With the annual Central Economic Work Conference approaching, the country is expected to further invest in green technologies and infrastructure, positioning itself as a global leader in sustainable development.
Reference(s):
New innovation drive: China's trade-in policy sparks green consumption
cgtn.com
