China to expand scope of consumer goods trade-in program

BEIJING -- China announced Wednesday a raft of measures to expand the scope of consumer goods trade-in program amid stepped-up efforts to boost domestic demand and spur economic growth.

The categories of home appliances eligible for government subsidies will be increased from eight in 2024 to 12 in 2025, with microwaves, water purifiers, dishwashers and rice cookers added to the trade-in list, Zhao Chenxin, deputy head of the National Development and Reform Commission, said at a press conference.

In response to actual needs, the number of air conditioners eligible for subsidies per consumer will be increased from one to three, according to Zhao.

To ensure the delivery of subsidies, the central government has recently earmarked 81 billion yuan (about $11.3 billion) for the consumer goods trade-in program this year, said Fu Jinling, an official with the Ministry of Finance.

Consumers will be able to enjoy subsidies of up to 500 yuan apiece while purchasing digital products such as mobile phones. A broader range of passenger vehicles will also be added to the trade-in program.

China will also increase funds for equipment upgrades in key areas through the issuance of ultra-long treasury bonds in 2025, Zhao said, adding that funding support will be expanded to cover more areas including electronic information and protected agriculture, with focuses on high-end, intelligent and green equipment.