China’s Trade-In Policy Sparks a Green Revolution
China is taking bold steps towards sustainable development with a new government-led trade-in program encouraging consumers to exchange old, less efficient products for greener alternatives. This initiative is fueling a surge in green consumption across the country.
In July, the State Council allocated 300 billion yuan ($41.3 billion) in ultra-long-term special government bonds to support trade-in programs for consumer goods such as home appliances and automobiles. This substantial investment has motivated consumers to embrace eco-friendly products with enthusiasm.
“We have partnered with factories and banks to provide subsidies to customers, with discounts of up to 50 percent or more,” said Wang Zhaotong, director of consumer electronics sales at a major retailer in Beijing. “In Beijing, more than 200,000 consumers have received government subsidies, accounting for 90 percent of total orders.”
As consumers opt for energy-efficient electronics, appliances, and vehicles, the nation’s carbon footprint is reducing, and new markets for green technologies are emerging. Government data shows that over 62% of cars sold in the trade-in program are new energy vehicles (NEVs), and over 90% of electric home appliances sold have achieved “Grade 1” energy efficiency—the highest in the five-grade rating system.
Innovative companies are responding to this growing demand for sustainable products. Leading battery manufacturers have developed fast-charging technologies that significantly reduce charging times for electric vehicles. Major appliance makers are introducing energy-efficient products that improve indoor air quality. These advancements have been recognized as pivotal green-tech innovations by national associations.
With the annual Central Economic Work Conference on the horizon, China is expected to further invest in green technologies and infrastructure. By promoting trade-in programs and supporting green innovation, the country is positioning itself as a global leader in sustainable development.
Reference(s):
New innovation drive: China's trade-in policy sparks green consumption
cgtn.com
