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
Chinese Premier Li Qiang on Thursday presided over a State Council executive meeting that studied work on building a unified national market and reviewed and approved a plan for the development of a modern emergency response system during the 15th Five-Year Plan period (2026-2030).
Noting that building a unified national market is essential to advancing high-quality development, the meeting called for deepening institutional frameworks in areas such as property rights protection, market access, fair competition, social credit and market exit mechanisms.
The meeting also urged efforts to advance high-standard connectivity of market infrastructure to facilitate smooth economic circulation and effectively reduce logistics costs across society.
Emergency management is critical to protecting people's lives and property, the meeting said. It called for accelerating the development of a modern emergency response system, deepening reform and innovation in emergency management, and improving coordinated response mechanisms.
Efforts should be made to strengthen risk prevention at the source, enhance monitoring, forecasting and early warning, and accelerate a shift in governance toward proactive prevention, according to the meeting.
A draft revision of the Law on the People's Bank of China was also discussed and approved in principle at the meeting, which decided to submit the draft to the Standing Committee of the National People's Congress for deliberation.
Chinese premier chairs State Council executive meeting
