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Several Cities step up trade-in plan, tapping trillion-yuan consumption market
Published on: 2024-04-19
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China has been vigorously rolling out an ambitious action plan aimed at fostering large-scale equipment renewal and trading-in of consumer goods across various regions. The endeavor is expected to tap a 1-trillion-yuan consumption market, thereby sustaining the nation’s industrial upgrading and bolstering high-quality development.

The action plan, issued by the State Council, the country's cabinet, aims to further stimulate consumption recovery, facilitate the construction of the circular economy, and provide new impetus for economic growth from both the supply and demand sides, experts noted.

The move highlights trading-in of big-ticket consumer goods such as cars, home appliances, and furniture, which represents a vast market exceeding 5 trillion yuan ($690 billion) annually, according to the National Development and Reform Commission (NDRC), China's top economic planner.

A sales manager surnamed Yan from a BYD store in Beijing told the Global Times on Thursday that the company has launched its most substantial car exchange subsidy plan to date, in a bid to boost sales and promote sustainable development. This effort has already drawn a large number of customers to the store.

Meanwhile, home appliance trade-ins are also seeing a boom. Chinese home appliance giant Suning is promoting a trade-in program that covers most brands, with more than half of the products eligible for at least a 10 percent discount. It will also introduce more discounts this weekend, thanks to policy support, a marketing director surnamed Zhang told the Global Times on Thursday.

Aside from Beijing, major cities such as Shanghai, Nanjing, Suzhou, and Taizhou have also launched a slew of trade-in measures with subsidy amounts exceeding hundreds of millions of yuan, according to media reports.

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