China expands trade-in program to boost consumer spending, economic growth: commerce ministry

China is ramping up efforts to expand its consumer goods trade-in program, aiming to drive consumer spending and stimulate economic activity, with a focus on streamlining services, mitigating risks, and strengthening recycling initiatives, officials said on Monday.

According to the Ministry of Commerce, the program generated over 1.3 trillion yuan (about 180 billion U.S. dollars) in revenues in 2024, reinforcing market confidence. The government is now expanding the policy's reach with increased funding and broader coverage.

At a press briefing, Li Gang, Director-General of the Ministry of Commerce's Department of Market Operation and Consumption Promotion, said the ministry has strengthened and expanded the program since the start of the year, doubling funding to 300 billion yuan (over 41 billion U.S. dollars).

The policy now includes new subsidies for digital products such as mobile phones, tablets, and smartwatches, an expanded scope for scrapped car replacements, a wider range of home appliances eligible for trade-ins, and additional subsidies for home renovation materials. Local governments are encouraged to introduce further incentives based on regional needs.

"As of March 16, the total number of applications for the nationwide vehicle trade-in program had surpassed 1.32 million, with consumers purchasing over 26 million units of home appliances across 12 categories. Additionally, more than 41 million consumers applied for subsidies on 51 million digital products, including mobile phones," Li said.

The automotive sector has seen especially strong uptake in trade-in applications, with both vehicle sales and the recycling of scrapped cars seeing significant growth, he said.

"According to data from the China Automobile Dealers Association, retail sales of domestic passenger cars rose by 1.2 percent year-on-year in January and February, with a notable 26 percent increase in February, indicating a strong upward momentum. Data from the Ministry of Commerce reveals that the nationwide recycling of scrapped vehicles surged by 50.1 percent year-on-year in January and February, with February alone seeing an extraordinary 188.2 percent increase, setting a new historical record," Li said.

Li outlined the government's plans to improve the trade-in system, focusing on four key areas.

First, he said, the system will be optimized with cross-regional data analysis to streamline applications and enhance efficiency. Local authorities will be guided to simplify procedures and expedite subsidy distribution to ensure faster and more effective access for consumers.

Secondly, to mitigate policy risks such as fraud, duplicate claims, and multiple sales of the same item, the government will upgrade the system with real-time monitoring and interception measures. Li emphasized the importance of maintaining open reporting channels and working with local authorities to address violations, safeguarding consumer rights and ensuring market order.

Thirdly, Li said, the government is prioritizing the "old-to-new" transition by promoting second-hand goods circulation and advancing the recycling system for renewable resources. This initiative aims to improve waste recovery and utilization, enhancing overall resource efficiency.

Finally, Li stressed the role of publicity in raising awareness of the trade-in programs. The government will create a joint publicity platform to communicate policy details and progress, while organizing local events, exhibitions, and promotional activities to stimulate consumer demand, he said.

China expands trade-in program to boost consumer spending, economic growth: commerce ministry

A major port in northern Venezuela came under U.S. airstrikes in the early hours of January 3, which caused extensive damage to civilian infrastructure, destroyed critical medical supplies in a warehouse, and severely impacted centuries-old cultural heritage sites, according to local residents.

The La Guaira Port, a vital hub for imports that support daily life in the region, was heavily damaged during the attack.

Large quantities of medical supplies stored at the port were destroyed. A historic cultural building dating back for some 300 years was also badly damaged by the bombardment.

Residents living near the port recalled the terrifying scenes as explosions shook nearby neighborhoods.

Humberto Bolivar, who lives in a community separated from the port by only a main road, said the blast waves shattered his home's windows, while stray shrapnel struck the water tank on his roof. According to reports, three missiles were fired at the port that night.

Bolivar said that beyond material losses, he is most concerned about the psychological impact on his children, who remain too frightened to leave their home days after the attack.

"The United States invaded our country. The children were frightened. This is not good for them, because it leaves some children with psychological trauma. They do not want to go to school or leave the house, because they are afraid that something worse might happen. We truly do not want this to happen to our country," he said.

Apart from civilian facilities, local cultural heritage site was also affected.

The La Guaira state government building, a structure with nearly 300 years of history and once served as the site of Venezuela's first national customs office, was struck by the force of the explosions.

Windows of the building were shattered, and furniture scattered across the floor.

"As people of La Guaira, we feel deep pain. Our cultural heritage has been bombed. We are living in constant anxiety and suffering, and life can no longer be the same as it was before," said a local named Henry Cumares.

The U.S. side has claimed the airstrikes targeted warehouses allegedly used to store narcotics. However, locals refuted such accusation.

"According to what Donald Trump said, they bombed this place using the excuse that the warehouses here were used to store drugs at the port. But based on the video released by our governor, these warehouses that were burned contained medicine for kidney patients and foods. Many people depend on these supplies to survive. I think the bombing is extremely despicable," said a local resident named Alejandro Capriles.

US strike hits Venezuelan port, wrecking medical supplies, heritage building