China's consumer goods trade-ins unleash market potential: official

TIANJIN -- China's consumer goods trade-ins have unleashed new market demands, with over 1.4 million applications for automobile scrapping and renewal subsidies recorded so far, Vice-Minister of Commerce Sheng Qiuping said on Friday.

As of Wednesday, more than 10.8 million consumers across the country had purchased some 15.6 million pieces of household appliance included in China's consumer goods renewal program, Sheng told the 2024 Haihe International Consumption Forum that opened on the same day in Tianjin, North China.

Household appliance trade-ins have driven a total sales of 73.36 billion yuan (about $10.3 billion), according to the vice minister.

During the first half of this year, consumption alone contributed 60.5 percent to China's economic growth, driving its GDP growth by 3 percentage points, said Sheng.

He said the ministry will join hands with other departments to further boost consumption and consolidate the stable and positive momentum of the market.

In March this year, China unveiled an action plan to implement the equipment and consumer goods renewal program to expand domestic demand and shore up the economy. In July, it further stepped up policy support for the program with an extra fund injection of 300 billion yuan via ultra-long special treasury bonds.