Engaging over five million consumers, China's innovative home appliance trade-in initiative has generated a remarkable 33.5 billion yuan in sales, revealing a vibrant consumption landscape brimming with potential.
According to the Ministry of Commerce, more than 5.11 million consumers have participated in the nationwide appliance trade-in program as of Sunday, purchasing 7.11 million units across eight major categories. This surge has led to sales exceeding 33.5 billion yuan, supported by 6.4 billion yuan in central subsidies.
The program has ignited a passion among the consumers for energy-efficient and smart technology, with a staggering 92.5 percent of sales coming from first-level energy efficiency appliances.
Regions like Hubei, Shanghai, and Chongqing are getting creative with their subsidy offerings, incorporating popular items such as water purifiers, dishwashers, and robotic vacuum cleaners.
As the initiative gains momentum, the Ministry of Commerce is committed to further enhancing the subsidy rollouts. By encouraging local governments to act swiftly, they aim to capitalize on major shopping events like the National Day and "Double Eleven" to fully release the policy effects.
Trade-in program unlocks consumer potential in China's appliance market
China will roll out a series of targeted measures to stabilize investment and unlock greater space for private capital, an official said on Thursday.
Chen Changsheng, deputy director of the State Council Research Office who participated in the drafting of this year's Government Work Report, made the statement at a press briefing held in Beijing.
He noted that China will leverage the guiding role of government funding and the driving effect of major projects to shore up investment.
Total government investment this year is set to exceed five trillion yuan (about 725 billion U.S. dollars), which will come from central budget investment and local government special bonds for major national strategies and security capacity building projects and equipment upgrades. Meanwhile, 109 major projects have been planned in the draft outline of the 15th Five-Year Plan (2026-2030).
China will also stimulate investment by opening up more application scenarios for businesses.
On the traditional front, a long-term mechanism will be improved to encourage private enterprises to participate in major national projects. For emerging sectors, China will further open scenarios in biomedicine, aerospace, and the low-altitude economy.
"Low-altitude economy has developed rapidly in recent years, with sound applications seen in fields such as agriculture, forestry plant protection, as well as surveying and inspection. Going forward, we will accelerate the opening of airspace resources and streamline approval procedures for low-altitude flights. This will unlock new scenarios including low-altitude logistics and urban management. Similar new opportunities can also be found in service robots and other sectors, all of which will create new space for private investment," Chen said.
By deepening reforms to further unlock investment potential, China will ease market access in the service sector, speed up revisions to the Bidding Law and the Government Procurement Law, and advance price reforms to broaden investment access for more enterprises.
"We will see a new round of investment potential unleashed. Major projects including the national water network, a new round of power grid upgrades, new generation communication networks, and computing power networks will drive massive investment, including demand from urban development. In addition, the campaign this year to expand and upgrade the service sector and the development of emerging industries will further expand space for private investment," Chen noted.
China to take measures to boost investment, expand space for private investment in 2026: official
