China Expands Consumer Trade-In Program to Boost Spending

New subsidies for home appliances, digital products, and vehicles aim to revitalize domestic demand and spur economic growth in 2025.

China's trade-in program now includes 12 categories of home appliances, up from eight in 2024, adding items like microwaves, water purifiers, dishwashers, and rice cookers.
Consumers can receive subsidies of up to 20% of the sales price for new home appliances and up to 500 yuan for digital products like mobile phones and tablets.
The government has allocated 81 billion yuan for the program in 2025, with funding expected to increase significantly through ultra-long treasury bonds later this year.
The initiative also supports the trade-in of passenger vehicles, electric bicycles, and high-tech, energy-efficient equipment to promote green and intelligent upgrades.
In 2024, the program generated 920 billion yuan in auto sales and 240 billion yuan in home appliance sales, with over 60% of new cars purchased being energy-efficient models.