China has announced new measures to expand its “old-for-new” exchange program and equipment renewal policies for 2025, aiming to stimulate consumer spending and upgrade industries.
The number of household appliance categories eligible for trade-in subsidies will increase from eight last year to 12 in 2025. Consumers can receive a maximum subsidy of 20% off the sales price per item, according to officials from the National Development and Reform Commission and the Finance Ministry at a media conference on Wednesday.
The updated policies also broaden funding support for equipment replacement, now including sectors like digital technology, industrial safety, and agricultural facilities.
Following the announcement, stocks of major household appliance manufacturers, e-commerce companies, and general retailers saw an uptick, as reported by an equity market overview on Baidu.
According to a report by China Central Television (CCTV), by mid-December, the trade-in policies had already led to the replacement of 5.8 million vehicles, with several automakers experiencing record sales. More than 33 million consumers purchased over 52 million items through the “old-for-new” program, and over two million sets of outdated equipment were upgraded, official data showed.
The “old-for-new” exchange program has generated over one trillion yuan (approximately $144 billion) in sales, boosting consumption and investment while supporting industrial growth and China’s green transition, CCTV reported.
Reference(s):
cgtn.com
