China's policy-backed trade-in program boosted consumer goods sales totalling 3.92 trillion yuan (about 558 billion U.S. dollars) during the 2024-2025 period, benefiting 494 million people, a senior commerce official said on Tuesday.
"From 2024 to 2025, 18.3 million vehicles were replaced under the trade-in program in China, with nearly 60 percent of them new energy vehicles. A total of 192 million home appliances were purchased through the trade-in program, more than 90 percent of which met top energy-efficiency standards. The trade-in program drove sales of consumer goods worth 3.92 trillion yuan and benefited 494 million people," Sheng Qiuping, Vice Minister of Commerce, told the media at a press briefing in Beijing.
Sheng said demand for environmentally-friendly products has driven diversified consumer choices in this category.
"Rising demand for green products, including new energy vehicles and smart, energy-efficient home appliances, has fueled steady growth in green consumption market. The supply of green products was enriched. Green consumption models were continuously innovated, and the overall environment for green spending was further improved," said Sheng.
China rolled out specific measures to facilitate and encourage trade-ins of consumer goods in 2024 to facilitate the scrapping of used goods in exchange for smart, green and low-carbon ones.
China's trade-in programs boost 3.92 trillion yuan in sales, benefit nearly 494 million people
