MK sport 2024. Photo: VCG" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-05-27/0feef315-7e9d-4a93-9721-14d4caab5bc7.jpeg" />

A staff member introduced consumers to a trade-in program for smart home appliances at a home appliance store located in Chongqing's Shapingba district on July 11, 2024. Photo: VCG

China's Ministry of Commerce (MOFCOM) will intensify efforts to expand trade-in programs for consumer goods in 2025 in a bid to stabilize consumption, the ministry told a press conference on Wednesday.

Li Gang, an official of the MOFCOM, said during the press conference that the central government had earmarked 81 billion yuan ($11.05 billion) for the consumer goods trade-in programs this year. This week, the ministry will issue detailed rules to support trade-in policies for automobiles, home appliances, interior decoration materials and electric bicycles, as well as subsidies for purchasing new digital products such as mobile phones, Li noted.

On Wednesday night, the ministry released an announcement on trade-in programs for home appliances, which detailed 12 types of products, including refrigerators, washing machines, televisions, air conditioners and computers. Each subsidy should not exceed 2,000 yuan.

In addition, the MOFCOM issued an announcement on new subsidies for the purchase of mobile phones, tablets and smart watches. When consumers purchase digital products such as mobile phones, they can receive up to 500 yuan in subsidies for each item. 

During Wednesday's press conference, Li said that the MOFCOM will also expand services consumption and optimize the consumption structure. It will launch activities such as Chinese cuisine festivals, push for an orderly opening-up in sectors like telecommunications, education and healthcare, and enrich the supply of services, the official noted.

Moreover, the ministry will guide localities to develop the debut economy in accordance with local conditions, vigorously promoting digital consumption, green consumption and health-related consumption, in a bid to innovate diversified consumption scenarios and actively cultivate new points of consumption growth, according to the official.

The MOFCOM will also accelerate the development of international consumption center cities, creating a more friendly international consumption environment, he added.


This year, China's economy has a stable foundation, with numerous advantages, strong resilience and great potential, and the supporting conditions and basic trend of long-term improvement have not changed. With the continued effectiveness of various policies and measures for expanding consumption, it is expected that the consumer market will maintain steady growth, Li said.

"From implementing support policies and cultivating new consumption scenarios to optimizing the spending environment, the MOFCOM's move will comprehensively prompt consumption growth this year," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Wednesday.

Wang noted that at present, new consumer highlights continue to emerge, led by tech-empowered spending using big data, cloud computing and artificial intelligence. In addition, more consumers are inclined to choose products and services that are environmentally friendly, energy-efficient and low-carbon.

"With the implementation of policies to promote consumption, the vitality of the consumer market will be further stimulated. With the continuous emergence of new consumption scenarios, consumption will continue to be an important engine driving economic growth," Wang said.

At the Central Economic Work Conference in early December, the country's policymakers highlighted the need to vigorously boost consumption, improve investment efficiency, and expand domestic demand on all fronts, the Xinhua News Agency reported.

China will increase the issuance of ultra-long special treasury bonds and continue to support the implementation of equipment upgrades and consumer goods trade-in programs, according to the conference.