China's extensive consumer goods trade-in program has generated over 120 million subsidy redemptions, providing tangible benefits to the country's consumers and economy, said a Ministry of Commerce official on Friday.
Li Gang, director of the ministry's Consumption Promotion Department, released a series of related figures at a press briefing in Beijing.
He said the consumer goods trade-in program contributed 1.6 percentage points to the growth rate of the total retail sales of consumer goods in the first quarter of this year. These have vigorously promoted the sustained Chinese economic recovery and growth.
"A total of 2.705 million vehicles and 47.466 million home appliances included in 12 categories have been replaced under the trade-in program. Additionally, 36.61 million digital products, including mobile phones, 37.123 million home furnishing products and kitchenware, as well as 4.2 million electric bicycles have been traded in. Since its implementation, the policy has generated over 120 million instances of subsidy redemption, providing tangible benefits to consumers. It also drove more than 720 billion yuan (about 99 billion U.S. dollars) in sales," said Li.
China kicked off large-scale equipment upgrade and consumer goods trade-in programs in March 2024, revamped these programs earlier this year, amid efforts to boost domestic demand and spur economic growth.
China's consumer goods trade-program generates over 120 million subsidy redemptions: official
