According to the National Development and Reform Commission (NDRC), to implement the decisions and arrangements of the CPC Central Committee and the State Council on accelerating and expanding the scope of the "program of large-scale equipment upgrades and consumer goods trade-ins," on January 6, 2025, the NDRC and the Ministry of Finance promptly allocated the first batch of ultra-long-term special treasury bond funds to local governments. This move supported local governments in ensuring seamless policy and funding transitions across years, and significantly advanced the acceleration and expansion of consumer goods trade-ins. As of 24:00 on April 27, 2025, 2.814 million vehicles were traded in nationwide, along with 49.416 million units of 12 categories of home appliances, 37.855 million new digital products such as mobile phones, 40.906 million home renovation and kitchen/bathroom "upgrades," and over 4.2 million e-bikes traded in. These efforts drove approximately 720 billion yuan in sales of related consumer goods, supporting a 4.6% YoY increase in the total retail sales of consumer goods nationwide in Q1.
Since the beginning of this year, market demand for consumer goods trade-ins nationwide has been robust, with the utilization rate of the first batch of subsidy funds reaching a high level in most regions. Recently, the NDRC issued a notice, in conjunction with the Ministry of Finance, to promptly allocate an additional 81 billion yuan in ultra-long-term special treasury bond funds as the second batch for this year to local governments, continuing to vigorously support consumer goods trade-ins. Moving forward, the NDRC will fully leverage the role of the "program of large-scale equipment upgrades and consumer goods trade-ins" inter-ministerial coordination mechanism, strengthen overall planning, progress tracking, and supervision, urge local governments and relevant departments to expedite the review and disbursement of allocated funds, effectively alleviate the financial pressure on enterprises, ensure that genuine benefits directly reach consumers, and maximize the effectiveness of the consumer goods trade-in policy.