China's trade-in program boosts auto, consumer electronics sales

China's policy-backed trade-in program, as part of the country's efforts to stimulate consumption, has boosted the sales of products from automobiles to consumer electronics nationwide.

In northeast China's Heilongjiang Province, cities have launched their own campaigns to encourage consumers to scrap their old vehicles and buy new ones.

Recently, the provincial capital city Harbin held a livestreaming event, where automakers offered many discounts. By the end of this month, the city will hold consumption promotion activities such as public welfare auto shows and group purchasing packages, and issue 20 million yuan (about 2.76 million U.S. dollars) in car purchase subsidies.

Similarly, Qiqihar City in the province held a car purchase promotion activity, where consumers can not only enjoy vehicle-scrapping and trade-in subsidies, but also receive an additional subsidy of 27,000 yuan (3,728 U.S. dollars) at most. "I think the price of this car is quite good. Normally, its suggested retail price is more than 145,000 yuan (20,020 U.S. dollars). After deducting the subsidies for my old car, I just have to pay less than 90,000 yuan (12,420 U.S. dollars), which is quite nice," said Zhang Jiayi, a car buyer.

"Next, we will work with other competent departments to review and issue subsidies and actively guide vehicle sales companies to launch sales campaigns, to further arouse the vigor and vitality of the auto market," said Hu Nan, director of the market system construction department at the Qiqihar Municipal Bureau of Commerce.

In Qingdao City of east China's Shandong Province, sales have boomed for digital products, after mobile phones, tablets and other "3C" products, or computer, communication and consumer electronics, became eligible for trade-in subsidies.

In a shopping mall, digital product stores have been bustling with consumers, most of whom are drawn by the trade-in subsidies.

"I really like this model. It is priced at 3,599 yuan (497 U.S. dollars). With the government subsidies, I can get 500 yuan (69 U.S. dollars) off. It feels like a great deal, so I've come here today to buy it. I am very happy with it," said Qiu Qianqian, a consumer.

"Since January, 480,000 consumers in the city have participated in the trade-in program of home appliances, and 3C digital products, with a total purchase of 566,000 units and a cumulative transaction amount of 1.91 billion yuan (263.7 million U.S. dollars)," said Guo Xia, director of the trade service and consumption promotion division at the Qingdao Municipal Bureau of Commerce.

China's trade-in program boosts auto, consumer electronics sales

China's economy and its continued high-level opening-up have been a hot topic at the 2026 Lujiazui Forum in Shanghai, with foreign participants expressing strong confidence in the country's economic prospects while highlighting the opportunities China has brought to global growth.

Amid a world full of uncertainties, international participants noted at the forum that China's sustained positive economic momentum has boosted confidence among foreign enterprises investing in the Chinese market.

"There have been a number of different real risks out there, the tariffs, the trade wars, the energy shock and all of this. And through all of this, what you're seeing is that the Chinese economy is resilient, particularly in the trade balance, particularly the strength of Chinese exports. And that's really where the strength and the opportunity is being seen right now," said Christian Stracke, president of PIMCO.

"Our confidence is largely based on the strength of Chinese manufacturing economy. So whether that's in solar, automotive, batteries, these are in strong demand globally, particularly now. And I think that will power a large part of the Chinese economy and that's the part of the economy in which we have confidence," said Kevin Sneader, president of Asia Pacific Ex-Japan Goldman Sachs.

"Every time I come to China, and I've seen it, particularly this week, is the speed at which China's innovation and growth is actually taking place. I'm really excited about ongoing and building that relationship," said Chris Hayward, chairman of the City of London Corporation's Policy and Resources Committee.

Foreign guests also welcomed the new policies announced at the forum, viewing them as a clear signal of China's commitment to expanding high-level opening-up and creating more opportunities for multinational companies to deepen their presence in the Chinese market.

"Very, very excited to hear the policies in this forum. I think hearing about the progress in Shanghai and also as a financial center and particularly around supporting the technology ecosystem are extremely positive. They're areas as an investor we're very interested in. So it gives us a lot more confidence to allocate capital into China," said Ben Squires, chief investment officer at superannuation fund NGS Super.

Foreign participants hail China’s economic resilience, opening-Up at Lujiazui Forum