China has unveiled a series of measures aimed at expanding its consumer goods trade-in program for 2025, signaling a strong push to boost domestic demand and drive economic growth.
Deputy Head of the National Development and Reform Commission, Zhao Chenxin, announced at a recent press conference that the number of home appliance categories eligible for government subsidies will rise from eight in 2024 to twelve in 2025. New additions include microwaves, water purifiers, dishwashers, and rice cookers.
Addressing consumer needs, Zhao also revealed that the limit on subsidized air conditioners per household will increase from one to three units. This change aims to make essential appliances more accessible to a broader range of consumers.
To support these initiatives, Fu Jinling from the Ministry of Finance confirmed that the central government has allocated 81 billion yuan (approximately $11.3 billion) for the consumer goods trade-in program this year. Consumers will be eligible for subsidies of up to 500 yuan when purchasing digital products such as mobile phones.
Additionally, a wider variety of passenger vehicles will be included in the trade-in program, encouraging the adoption of newer, more efficient models.
Looking ahead to 2025, China plans to enhance funding for equipment upgrades in key sectors by issuing ultra-long treasury bonds. These funds will support advancements in electronic information, protected agriculture, and the development of high-end, intelligent, and green equipment, further reinforcing the country’s commitment to sustainable growth.
Reference(s):
cgtn.com
