China to increase aid for equipment modernization, goods exchange initiatives
During a government press conference in Beijing on Friday, officials announced that China will persist in backing the execution of large-scale equipment upgrades and consumer goods trade-in initiatives.
TroibNews 
In 2025, China plans a notable increase in the issuance of ultra-long special treasury bonds to facilitate large-scale equipment upgrades and consumer goods trade-in initiatives, according to a statement from a government official during a press conference in Beijing on Friday.
Yuan Da, the deputy secretary-general of the National Development and Reform Commission (NDRC), indicated that the government aims to broaden the range of sectors eligible for funding support. These sectors will include electronic information, production safety, and agricultural facilities. Consumers will receive subsidies for purchasing three categories of digital products: mobile phones, tablets, and smartwatches and wristbands.
The official noted that the government will also enhance subsidies for upgrading new energy city buses, batteries, and agricultural machinery, while bolstering support for renewing home decoration-related consumer goods.
In March 2024, the government unveiled an action plan designed to encourage extensive equipment renewal and the trade-in of consumer goods. This plan is part of broader efforts to stimulate domestic demand and promote economic growth.
Yuan remarked that over the past year, initiatives related to these programs have successfully strengthened investment, increased household consumption, and propelled the green transition, driven by a surge in sales of new energy vehicles and energy-efficient household appliances.
In the first eleven months of 2024, national investment in the acquisition of equipment and appliances rose by 15.8 percent year on year, accounting for 65.3 percent of the country's total investment growth.
As part of the trade-in programs, over 60 percent of consumers opted for new energy vehicles, resulting in China's market penetration rate of new energy passenger vehicles exceeding 50 percent for six consecutive months.
The government allocated 300 billion yuan in ultra-long special treasury bonds in 2024 to support the initiatives for large-scale equipment renewals and consumer goods trade-in programs, as noted by Zhao Chenxin, the deputy head of the NDRC.
"In 2025, we will increase the scale of funds, expand the coverage, and optimize the methods in implementing these policies to amplify their impact.
"We will work with relevant departments to let more residents and enterprises benefit from the policies through concrete actions," Zhao stated.
Mark B Thomas for TROIB News
Yuan Da, the deputy secretary-general of the National Development and Reform Commission (NDRC), indicated that the government aims to broaden the range of sectors eligible for funding support. These sectors will include electronic information, production safety, and agricultural facilities. Consumers will receive subsidies for purchasing three categories of digital products: mobile phones, tablets, and smartwatches and wristbands.
The official noted that the government will also enhance subsidies for upgrading new energy city buses, batteries, and agricultural machinery, while bolstering support for renewing home decoration-related consumer goods.
In March 2024, the government unveiled an action plan designed to encourage extensive equipment renewal and the trade-in of consumer goods. This plan is part of broader efforts to stimulate domestic demand and promote economic growth.
Yuan remarked that over the past year, initiatives related to these programs have successfully strengthened investment, increased household consumption, and propelled the green transition, driven by a surge in sales of new energy vehicles and energy-efficient household appliances.
In the first eleven months of 2024, national investment in the acquisition of equipment and appliances rose by 15.8 percent year on year, accounting for 65.3 percent of the country's total investment growth.
As part of the trade-in programs, over 60 percent of consumers opted for new energy vehicles, resulting in China's market penetration rate of new energy passenger vehicles exceeding 50 percent for six consecutive months.
The government allocated 300 billion yuan in ultra-long special treasury bonds in 2024 to support the initiatives for large-scale equipment renewals and consumer goods trade-in programs, as noted by Zhao Chenxin, the deputy head of the NDRC.
"In 2025, we will increase the scale of funds, expand the coverage, and optimize the methods in implementing these policies to amplify their impact.
"We will work with relevant departments to let more residents and enterprises benefit from the policies through concrete actions," Zhao stated.
Mark B Thomas for TROIB News
