China's consumer goods trade-in initiative has driven 323.26 billion yuan ($43.5 billion) in sales this year, according to Ministry of Commerce data released this week. The program, designed to stimulate domestic consumption and upgrade household products, has seen a 15.3% year-on-year increase in transactions through March 2026.
Sector-Specific Growth
Vehicle replacements lead the surge with 1.008 million subsidized transactions, generating 164.43 billion yuan in new car sales. Home appliance upgrades follow at 69.44 billion yuan from 17.13 million units, while digital product replacements account for 89.39 billion yuan through 29.485 million purchases of smart devices.
Policy Implementation
Seven government departments including the Ministry of Commerce recently optimized subsidy distribution mechanisms, leveraging funds from ultra-long special treasury bonds. Local governments have been directed to allocate matching funds to ensure nationwide implementation of the program.
