China's nationwide trade-in program has spurred over 90 billion yuan worth of sales of home appliances since its initiation, said the Ministry of Commerce said at a press conference on Friday in Beijing.
The program rolled out in April with provinces and regions across China allocating subsidies to stimulate consumer market.
Hebei Province in north China has allocated over 100 million yuan for car trade-ins, which can be combined with the national funds.
Financial institutions and insurance institutions in Hebei have launched multiple discounts for car purchasing like low-interest loans and zero down payment.
As of Thursday, the province's auto trade-in sales had totaled 30.3 billion yuan (about 4.25 billion U.S. dollars), with subsidies of 1.77 billion yuan (about 248.56 billion U.S. dollars) distributed to consumers.
In order to meet the diversified needs of consumers, local authorities of Zhejiang Province in east China have organized relevant associations and enterprises in different fields to carry out special investigations, and included most smart homes, home decoration and senior-friendly products into the scope of subsidy policies.
"Up to now, a total of 490,000 purchases in home furnishing, home decoration and aging-friendly renovation in Zhejiang Province have enjoyed subsidies of 463 million yuan, which in turn has driven sales of 2.56 billion yuan," said Zhu Jun, chief economist at the Department of Commerce of Zhejiang Province.
In an effort to promote the electric bicycle trade-ins, Guangxi Zhuang Autonomous Region in south China has loosened the requirements that old and new bicycles must be registered by the same consumers, and implemented advance allocation of subsidy funds for electric bicycles.
As of Thursday, the trade-in policy for home appliances in Sichuan Province of southwest China had attracted consumers to purchase about 1.95 million home appliances, contributing to a growth of 25.1 percent in the province's home appliance sales in September.
In addition, about 13.635 million consumers across the country had purchased about 19.843 million household appliances in eight categories as of Thursday, generating sales of 91.34 billion yuan (about 12.83 billion U.S. dollars).
Preliminary statistics showed that as of Thursday, consumers had bought approximately 6.3 million home decoration and kitchen and bathroom appliances by enjoying subsidies, driving sales of 19 billion yuan (about 2.67 billion U.S. dollars) in total.
The eight categories refer to refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves and range hoods.
China's home appliance trade-in program leads to 90 bln worth of sales
