China to increase funding support for equipment upgrades, consumer goods trade-in programs

BEIJING -- China will significantly increase the issuance of ultra-long special treasury bonds in 2025 to support the implementation of large-scale equipment upgrades and consumer goods trade-in programs, according to a government press conference held here Friday.

Yuan Da, deputy secretary-general of the National Development and Reform Commission, said the government would expand the scope of areas eligible for funding support, including electronic information, production safety, and agriculture facilities. Consumers will receive subsidies to purchase three categories of digital products: mobile phones, tablets, and smartwatches and wristbands.

The official said that the government will further increase subsidies for upgrading new energy city buses, batteries, and agricultural machinery and strengthen support for renewing home decoration-related consumer goods.

In March 2024, the government launched an action plan to promote large-scale equipment renewal and trade-in of consumer goods as part of efforts to boost domestic demand and support economic growth.

Yuan said that over the past year, work related to these programs has effectively shored up investment, boosted household consumption, and accelerated the green transition.