Skip to Content Facebook Feature Image

China's consumer goods trade-in program spurs car, home appliance sales

China

China

China

China's consumer goods trade-in program spurs car, home appliance sales

2024-06-26 00:49 Last Updated At:02:27

A consumer goods trade-in program rolled out by the Chinese government in March has spurred rising sales of products such as cars, home appliances and furniture.

The consumer goods trade-in program is part of China's efforts to boost domestic demand and support economic growth.

As of June 25, the Ministry of Commerce (MOC) has received a total of 113,000 subsidy applications for vehicle trade-ins. In the past week alone, new applications saw a rapid surge, reaching 36,000, according to MOC data released on Tuesday.

As the government advances this program, car sales have continued to rise in China, the world's largest auto market.

In the automobile sector, from January to May, 2.2 million vehicles were scrapped, a year-on-year increase of 19.4 percent. In the same period, 3.895 million new energy vehicles (NEVs) were sold, marking a 32.5 percent year-on-year growth and accounting for 33.9 percent of total new automobile sales volume. Transactions in used cars also increased to 7.864 million units, an 8.7 percent year-on-year rise.

In May, sales of all cars exceeded 2.27 million units, up 8.7 percent year on year, while sales of new energy passenger vehicles soared 38.5 percent, the data showed.

Retail sales of household appliances and audiovisual equipment also rose, netting about 342.1 billion yuan (about 47.1 billion U.S. dollars), a year-on-year increase of 7 percent.

In the home appliances sector, retail sales reached 74.3 billion yuan (about 10.23 billion U.S. dollars) in May, up 12.9 percent. Sales of furniture for home decor, kitchens and bathrooms also rose by 4.8 percent year on year in May, 3.6 percentage points higher than the previous month, according to the data.

"Since the action plan was issued, various departments and regions have swiftly implemented policies, with active market participation and notable progress," said Xu Xingfeng, director of the MOC department for market operation and consumption promotion, at a press conference in Beijing on Tuesday.

China's consumer goods trade-in program spurs car, home appliance sales

China's consumer goods trade-in program spurs car, home appliance sales

Next Article

China's postal sector posts noticeable growth in June: report

2024-07-13 05:03 Last Updated At:06:47

China's postal sector experienced a noticeable growth in June with the industry's monthly development index coming out at 433.7, an 18.4-percent increase year over year, according to a report released by the State Post Bureau (SPB) Friday. In specific, the indexes relating to the industry's scale of development, service quality, development capacity, and development trend stood respectively at 519.3, 675.1, 229, and 67.2, posting year-over-year increases of 17.5, 27.1, 1.7, and 0.3 percent.

"In June, the industry's scale posted a rapid growth, its industrial coordination kept deepening and international development progressed steadily. By estimation, business volume of the postal sector would grow by about 17 percent year over year in June and its revenue post an 9-percent increase compared with the same period last year," said Wang Yuehan, director of the Department of Industrial Economics Research of SPB's Development and Research Center, at a press conference in Beijing. According to the official, over the first half of this year, China's express market maintained a rapid growth with the largest daily business volume reaching over 580 million pieces. Starting from March, monthly business volume had remained above 2 billion pieces. "Quality and efficiency of the industry's service posted a noticeable improvement. Express delivery companies have actively opened unmanned express delivery stations and put into use equipment like unmanned delivery vehicles and automated parcel lockers, to overcome delivery troubles that may come up in various scenarios," said Wang.

China's postal sector posts noticeable growth in June: report

China's postal sector posts noticeable growth in June: report

Recommended Articles