China will roll out a third batch of consumer trade-in subsidies next month as part of efforts to boost domestic demand, the country's top economic planner said.
Li Chao, spokesperson for the National Development and Reform Commission, said Beijing has earmarked 300 billion yuan (HK$328.12 billion) in ultra-long treasury bonds for consumer goods replacement this year, with a total of 162 billion yuan allocated in January and April.
Sales of trade-in related goods, including home appliances, furniture, and digital devices, have already exceeded 1.4 trillion yuan so far this year, Li said.
Meanwhile, Beijing has allocated 200 billion yuan in ultra-long treasury bonds to support a program of equipment upgrades. About 173 billion yuan from the first batch have already been distributed across 16 sectors, covering roughly 7,500 projects, while a second tranche is currently undergoing project review and selection.
Li added that authorities will accelerate project construction and step up interest subsidies on equipment upgrade loans to ease financing costs for businesses.
“The effects of the two policies are already clearly visible,” Li said, noting that they have played a crucial role in stabilizing investment, boosting consumption, driving industrial transformation, and improving livelihoods.
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