Chinese premier pledges efforts to promote equipment upgrades, trade-ins of consumer goods

Chinese Premier Li Qiang on Thursday pledged to take concrete action to promote large-scale equipment upgrades and consumer goods trade-ins in an effort to facilitate economic transformation and improve people's livelihoods.

Speaking during a State Council video conference, Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, highlighted the strategic significance of the upgrade campaign and its benefits for the economy, businesses and individuals.

He called on all regions and government departments to attach great importance to the campaign and make solid efforts to carry it out.

Li said the campaign should be market-oriented and government-guided, and it should include four major areas: equipment renewals, trade-ins of consumer goods, the recycling of used goods, and the leveling-up of standards.

China will prioritize equipment upgrades in promising industries with powerful driving forces, accelerate the elimination of dated or inefficient equipment with high levels of energy consumption, high emissions or hidden safety risks, and focus on supporting the trade-in of old, costly durable consumer goods that have high demand and can drive the economy, Li said.

Work will be done to accelerate the development of recycling systems and encourage the concentrated, large-scale development of enterprises engaged in the processing and utilization of renewable resources, Li said.

He also called for industrial standards to be lifted gradually so that these upgrades become regular practice.

Vice Premier Ding Xuexiang, who is also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, chaired the meeting. Vice Premiers He Lifeng and Zhang Guoqing and State Councilor Wu Zhenglong also attended.