China's trade-in program boosts consumer goods sales by over 1 trillion yuan

BEIJING, Dec. 13 (Xinhua) -- The sales revenue of consumer goods under China's policy-backed trade-in program has surpassed 1 trillion yuan (about 139.1 billion U.S. dollars), data from China's Ministry of Commerce showed Friday.

As of Friday, the 2024 sales volume of passenger vehicles under the trade-in program is at 5.2 million units, according to the ministry.

Sales of home appliances had exceeded 49 million units, with sales of electric bicycles nearing 900,000 units, per the data.

In March, the State Council released an action plan to initiate large-scale equipment upgrades and consumer goods trade-ins, nearly 15 years after the last such renewal campaign.

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.