SMM Analysis: Evolution and Intensification of China's Trade-In Policy

[SMM Analysis: The Development History of China's Trade-In Policy]

In 2009, the government provided financial subsidies for the trade-in of household appliances and automobiles, encouraging consumers to replace high-energy-consuming old cars and appliances. This policy stimulated domestic demand and promoted steady economic growth. By 2024, the government advanced a new wave of trade-in policy initiatives aimed at invigorating consumption, boosting investment growth, promoting industrial upgrading, and supporting green transformation. On January 8, 2025, the National Development and Reform Commission (NDRC) and the Ministry of Finance issued a notice on the intensified and expanded implementation of large-scale equipment renewal and trade-in policies for consumer goods in 2025. The notice further outlined efforts to intensify equipment renewal, expand support for consumer goods trade-in, and accelerate the improvement of recycling and circular utilization levels in 2025.