China’s large-scale equipment upgrade and consumer goods trade-in programs yielded fruitful results in 2024, driving strong growth in both investment and consumption, official data showed on February 10.
The programs, which began in last March, led to a 15.7 percent increase in equipment purchases and investments in 2024, contributing 67.6 percent to overall investment growth. At the same time, they boosted sales of bulk durable consumer goods by over 1.3 trillion yuan, according to the National Development and Reform Commission.
Equipment upgrades and sales of green products saved energy equivalent to approximately 28 million tonnes of standard coal and reduced carbon dioxide emissions by about 73 million tonnes.
In 2024, over 37 million consumers participated in the program, purchasing more than 62 million eligible home appliances, with total sales reaching 270 billion yuan. Notably, over 90 percent of the total sales revenue came from items with the highest energy efficiency ratings.
In the auto sector, more than 6.8 million vehicles were traded in for new ones, generating 920 billion yuan in sales, with over 60 percent of consumers choosing new energy vehicles.
To sustain this momentum, China announced a series of measures last month to expand the scope of its consumer goods trade-in program, including new subsidies for electronic product trade-ins and the addition of more categories of eligible home appliances.
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