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    China's trade-in scheme boosts home appliance sales by over 200b yuan

    Xinhua | Updated: 2024-12-08 09:23
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    A consumer (right) learns about trade-in plans for home appliances at a store in Chongqing in July. SUN KAIFANG/FOR CHINA DAILY

    BEIJING - Sales revenue of home appliances under the policy-backed trade-in program reached 201.97 billion yuan (about $28.11 billion) as of Friday, data from the Ministry of Commerce showed.

    Products with the highest energy efficiency level contributed to over 90 percent of the sales revenue, the data showed.

    According to the ministry, a total of 29.64 million consumers have enjoyed subsidies for their home appliance purchases, lifting the sales volume by 45.85 million units.

    The home appliance trade-in program is part of China's efforts to boost domestic demand and support economic growth.

    The State Council released an action plan in March to initiate large-scale equipment upgrades and trade-ins of consumer goods - nearly 15 years since the last such round of renewals.

    At the end of 2023, people in China owned some 336 million civilian automobiles and over 3 billion major household appliances, including refrigerators, washing machines, and air conditioners. It is estimated the upgrading drive will create market demand worth more than 1 trillion yuan.

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