China's consumer goods trade-in program generates sales of 430 bln yuan in Q1

China's government-backed consumer goods trade-in programs benefited over 60.93 million purchases in the first quarter of 2026, boosting sales of 433.17 billion yuan (about 62.84 billion U.S. dollars), commerce ministry data showed Friday.

Nearly 1.41 million subsidy applications were received for auto trade-ins, driving new vehicle sales of 228.69 billion yuan in the January-March period.

Under the program, about 23.21 million home appliances, including refrigerators, washing machines, televisions, air conditioners, computers and water heaters, were traded in during the period, boosting sales by 95.43 billion yuan.

A total of 36.32 million units of digital and smart products were sold under the program, driving sales of 109.05 billion yuan in Q1.

Chinese authorities have announced the renewal of the trade-in subsidy program for consumer goods in 2026 as part of the broader efforts to boost consumption, with 62.5 billion yuan in ultra-long special treasury bond funds allocated in advance to support this year's program.

Greek Prime Minister Kyriakos Mitsotakis reshuffled his cabinet on Friday following the resignation of two ministers over an investigation into an EU farm subsidies scandal.

Margaritis Schinas, former vice president of the European Commission, was appointed minister of rural development and food, while Evangelos Tournas was named minister for climate crisis and civil protection.

Former Rural Development and Food Minister Kostas Tsiaras, and former Climate Crisis and Civil Protection Minister Ioannis Kefalogiannis resigned earlier Friday after being named in the EU farm subsidies scandal. The European Public Prosecutor's Office on Wednesday formally requested that the Greek Parliament lift the immunity of 11 lawmakers implicated in the scandal, in order to hold them accountable for fraudulently claiming agricultural subsidies through organized schemes in 2021.