Chinese authorities announced on Wednesday a series of measures to expand the country’s consumer goods trade-in program for 2025, aiming to boost domestic demand and stimulate economic growth.
At a press conference, Zhao Chenxin, deputy head of the National Development and Reform Commission, revealed that the number of home appliance categories eligible for government subsidies will increase from eight in 2024 to twelve in 2025. Newly added items include microwaves, water purifiers, dishwashers, and rice cookers.
“In response to actual needs, the limit on subsidized air conditioners per consumer will rise from one to three,” Zhao said, highlighting efforts to make the program more accessible to consumers.
To ensure the delivery of subsidies, the central government has earmarked 81 billion yuan (approximately $11.3 billion) for the consumer goods trade-in program this year, according to Fu Jinling, an official with the Ministry of Finance.
Consumers purchasing digital products such as mobile phones can enjoy subsidies of up to 500 yuan per item. Additionally, a broader range of passenger vehicles will be included in the trade-in program, encouraging more people to upgrade their cars.
Looking ahead, China plans to increase funding for equipment upgrades in key sectors by issuing ultra-long treasury bonds in 2025. Funding support will extend to more areas, including electronic information and protected agriculture, focusing on high-end, intelligent, and green equipment, Zhao added.
These initiatives reflect China’s commitment to driving economic growth through enhanced consumer spending and modernization of key industries.
Reference(s):
cgtn.com
