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

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.