China allocates 81 bln yuan for 2025 trade-in subsidies

China has allocated 81 billion yuan (about 11.04 billion U.S. dollars) in subsidies for the country's trade-in promotion for 2025, said an official from the Ministry of Finance in Beijing on Wednesday. Fu Jinling, director of the Department of Economic Construction at the Chinese Ministry of Finance, said the ministry has expanded its subsidy program to cover a wider range of sectors and has also raised the funding standards for areas with significant financial needs and high public interest

"For instance, we will expand the support for equipment restoration to more fields like electronic information, production safety, and facility agriculture. We will expand the categories of home appliance products eligible for trade-in subsidies from eight to 12, and introduce new subsidies for purchasing new digital products such as mobile phones. We also raised the standards for subsidies for new energy public buses and power battery renewals, with the average subsidy per bus increased from 60,000 yuan (about 8,183.53 U.S. dollars) to 80,000 yuan (over 10,900 U.S. dollars)," said Fu.

By the end of 2024, China's central government had exhausted its 150 billion yuan (approximately $20.45 billion USD) allocation for trade-in consumption.

The Ministry of Finance also allocated another 150 billion yuan (about 20.45 billion U.S. dollars) for large-scale equipment restoration to local governments across the country, with the use clearly defined for specific projects.

The U.S. dollar strengthened in late trading on Friday.

The dollar index, which measures the greenback against six major peers, added 0.2 percent to 99.132 at 15:00 (2000 GMT).

In late New York trading, the euro decreased to 1.1635 dollars from 1.1650 dollars in the previous session, and the British pound was down to 1.3407 dollars from 1.3431 dollars in the previous session.

The U.S. dollar bought 157.88 Japanese yen, higher than 156.97 Japanese yen in the previous session. The U.S. dollar rose to 0.8010 Swiss francs from 0.7995 Swiss francs, and it climbed to 1.3910 Canadian dollars from 1.3868 Canadian dollars. The U.S. dollar was down to 9.2025 Swedish kronor from 9.2246 Swedish kronor.