China distributes final batch of trade-in subsidies

China has allocated 69 billion yuan (HK$75.4 billion) in a final batch of ultra-long special treasury bonds to subsidize consumer goods trade-ins, even as several provinces recently suspended their auto replacement programs.

The National Development and Reform Commission announced that this distribution completes the planned 300 billion yuan in central government funding for the year.

In a statement, the NDRC said relevant authorities will guide local governments to manage the rollout pace, refine fund usage plans, and ensure orderly subsidy payments. 

The state planner also pledged to strengthen quality and price supervision, crack down on fraudulent claims, and ensure the policy is implemented smoothly to "achieve substantive results."

The commission reported that in the first eight months of the year, the trade-in program attracted 330 million applications, driving over 2 trillion yuan in related sales. Retail sales for home appliances, office supplies, furniture, and communications equipment saw significant year-on-year growth, helping to boost total retail sales of consumer goods by 4.6 percent.

This week, provinces including Jiangsu announced the suspension of their auto trade-in subsidy schemes.