China's extensive goods trade-in program stimulated consumer spending in the first half of this year, according to the Ministry of Commerce.
In a bid to stimulate consumer spending, China rolled out an extensive trade-in policy covering multiple sectors ranging from automobiles, home appliances to real estate.
Figures showed that the sales of home appliances grew by 30.7 percent from January to June as compared with the same period of last year.
The sales of communication equipment, office supplies and furniture all grew by more than 20 percent. And the retail sales of new energy passenger cars increased by 33.3 percent in the first six months of the year.
The sales of service consumption also grew notably in the six months. The movie box office exceeded 29.2 billion yuan (about 4.07 billion U.S. dollars) nationwide in the first half of the year, an increase of more than 20 percent. The concert box office increased by about 40 percent.
The sales at tax refund stores also grew as more international tourists traveled to China and enjoyed the expanded departure tax refund policy.
China saw more than 38 million foreign entries in the first half of this year, a year-on-year increase of 30.2 percent. Among them, 13.64 million trips were made visa-free, an increase of 53.9 percent, according to the National Immigration Administration.
Extensive trade-ins boost consumption in China
Extensive trade-ins boost consumption in China
Extensive trade-ins boost consumption in China
