China's trade-in scheme boosts home appliance sales by over 200 bln yuan

Sales revenue of home appliances under the policy-backed trade-in program reached 201.97 billion yuan (about 28.11 billion U.S. dollars) as of Friday, data from the Ministry of Commerce showed.

Products with the highest energy efficiency level contributed to over 90 percent of the sales revenue, the data showed.

According to the ministry, a total of 29.64 million consumers have enjoyed subsidies for their home appliance purchases, lifting the sales volume by 45.85 million units.

The home appliance trade-in program is part of China's efforts to boost domestic demand and support economic growth.

The State Council released an action plan in March to initiate large-scale equipment upgrades and trade-ins of consumer goods -- nearly 15 years since the last such round of renewals.

At the end of 2023, people in China owned some 336 million civilian automobiles and over 3 billion major household appliances, including refrigerators, washing machines, and air conditioners. It is estimated the upgrading drive will create market demand worth more than 1 trillion yuan.