China's consumer goods trade-in program drives sales of over 720 bln yuan

China's extensive consumer goods trade-in program has made phased progress this year, delivering tangible benefits to consumers and driving sales growth, the Ministry of Commerce said on Friday.

Li Gang, an official with the ministry, said that the program had enabled over 120 million consumers to receive cash subsidies, boosting sales to over 720 billion yuan (about 99.91 billion U.S. dollars).

In a bid to stimulate consumer spending, China has rolled out an expansive trade-in policy across multiple sectors.

By the end of Thursday, the nationwide trade-ins included 2.71 million vehicles, 47.47 million home appliances, and 4.2 million electric bicycles, Li said.

The program also saw the sale of 36.61 million mobile phones and other digital products, and 37.12 million units of home decor products, kitchenware and bathroom ware, the official added. ■