China’s new trade-in program benefits nearly 75 million people in 2026

Nearly 75 million people across China have benefited from the country's new trade-in program effective since the beginning of 2026, according to the Ministry of Finance on Friday.

Speaking at a press conference in Beijing, officials from the Ministry of Finance briefed on China's fiscal revenue and expenditure in the first quarter of 2026.

Regarding the consumer goods trade-in program, it had generated 540 billion yuan (about 79 billion U.S. dollars) in sales as of April 19, according to the latest official data released by the Ministry of Finance.

China has allocated a total of 125 billion yuan (18.24 billion U.S. dollars) raised from the issuance of ultra-long special treasury bonds in two batches to support the new trade-in program.

Apart from the unified subsidy policy nationwide, local authorities are also able to roll out their own subsidy policies to further stimulate consumption potentials.

"Under the trade-in program, the sales of new energy passenger cars priced at 200,000 yuan (29,255 U.S. dollars) or higher per unit increased by 5 percent year on year in the first quarter. More digital and smart products have been covered by the trade-in program, which has made them a new hotspot for this year's trade-in program. This led to a 20.8-percent year-on-year growth in retail sales of telecommunications equipment above the designated size in the January-March period," said Wu Gai, deputy director of the Department of Economic Construction with the Ministry of Finance.

Early this year, the Ministry of Finance launched a lottery invoice pilot program across about 50 cities nationwide with a subsidy of 10 billion yuan (1.46 billion U.S. dollars), covering major consumer sectors such as retail, catering, culture and tourism, and sports.

By the end of April 19, 3.68 billion yuan (538.3 million U.S. dollars) worth of lottery invoices had been distributed, driving sales of approximately 160 billion yuan (23.4 billion U.S. dollars) in the related sectors. About 410 million people had received scratch-and-win receipts, with 170 million winning prizes.

China’s new trade-in program benefits nearly 75 million people in 2026

Three major warships of the People's Liberation Army (PLA) Navy opened to the public in Zhanjiang City, south China's Guangdong Province, drawing large crowds of visitors over the weekend as part of the celebrations marking the 77th anniversary of the PLA Navy's founding.

China on Thursday celebrated the 77th anniversary of the founding of PLA Navy. To mark the occasion, the PLA Navy has opened naval bases in more than 10 cities to the public, with dozens of active-duty vessels on display.

At a naval port in Zhanjiang, long queues of visitors have already queued up early in the morning, waiting to board the ships which are berthed side by side along the pier.

The guided-missile destroyer Nanning (Hull 162), known for its active service record, spends more than 200 days at sea each year. Its rare return to the port has drawn many visitors eager to see this well-known warship up close.

The amphibious transport dock landing ship Kunlunshan (Hull 998) and comprehensive supply ship Ulungur Lake (Hull 893) also attracted significant attention from the public.

In addition to the ship tours, the naval port has operated a variety of interactive activities for visitors to enjoy.

The Nanning, China's first Type 055 guided-missile destroyer, entered service with the Chinese PLA Navy in January 2020, as the first of domestically developed Type 055 10,000 tonne-class destroyers. Fourteen months after its commissioning, it undertook its first air defense and anti-missile mission under actual combat scenarios.

The Kunlunshan is the first of Type 071 amphibious dock landing ship. Commissioned in January 2008, it is capable of carrying helicopters, hovercraft, amphibious armored vehicles and landing forces. The vessel can project power across oceans and is equipped to perform a wide range of missions.

The Ulungur Lake is a Type 903 comprehensive supply ship independently designed and built by China, with a full load displacement of over 20,000 tonnes.

PLA Navy warships open to public to mark founding anniversary