China's trade-in program boosts consumer goods sales by over US$180.85 billion

The sales revenue of consumer goods under China's policy-backed trade-in program has surpassed 1.3 trillion yuan (US$180.85 billion), data from China's Ministry of Commerce showed on Wednesday.

Green and smart products are in high demand, with retail sales of new energy vehicles increasing more than 40 percent in 2024, according to the ministry.

In March, the State Council released an action plan to implement large-scale equipment upgrades and consumer goods trade-ins, nearly 15 years after the last such renewal campaign.

In the latest move, China on January 8 announced a raft of measures to expand the scope of the consumer goods trade-in program as part of a drive to boost domestic demand and spur economic growth.

The number of home appliance categories eligible for government subsidies rose from eight in 2024 to 12 in 2025, while microwaves, water purifiers, dishwashers and rice cookers were added to the trade-in list for home appliances.