China's consumer goods trade-in program generates sales of 3.92 trillion yuan

China's policy-backed consumer goods trade-in program generated sales of 3.92 trillion yuan (about $558.62 billion) in 2024 and 2025, benefiting consumers on 494 million occasions, according to data released by the Ministry of Commerce at a press conference on Tuesday.

The initiative has helped drive industrial upgrading and the green transition. Some 18.3 million automobiles were purchased through the trade-in program during the period, with new energy vehicles accounting for nearly 60 percent of the total.

Under the program, 192 million home appliances were traded in during the period, with 90 percent being top-tier, energy-efficient models.

Over the same period, more than 17.67 million scrapped automobiles were recycled nationwide, registering an average annual growth rate of 45.8 percent.

Meanwhile, nearly 39.69 million second-hand vehicle transactions were recorded during the period. About 53 million used home appliances and mobile phones were dismantled under standardized procedures, representing an average annual growth rate of about 12 percent.

Chinese authorities announced late last month that the trade-in subsidy program for consumer goods will be renewed in 2026 as part of the broader efforts to boost consumption, with 62.5 billion yuan in ultra-long special treasury bond funds allocated in advance to support this year's program.

The expansion of domestic demand is set to top China's major economic priorities this year, according to the recent Central Economic Work Conference, which also outlined plans to implement consumption-boosting campaigns, as well as plans to increase the incomes of urban and rural residents.