China completes distribution of 250 billion yuan for consumer trade-in program

China's National Development and Reform Commission and the Ministry of Finance have completed the distribution of 250 billion yuan in ultra-long-term special treasury bonds designated to support consumer goods trade-in programs. The final installment of 62.5 billion yuan was recently issued to local governments.

From January to August, the trade-in policy drove 1.55 trillion yuan in related commodity sales, benefiting 208 million people. Key figures include the trade-in of 5.353 million vehicles, 91.458 million units of six types of home appliances, and 108 million digital and smart products.

The policy has contributed to high growth in retail sales for communication equipment, high-efficiency appliances, and wearable smart devices. Notably, the proportion of new energy passenger vehicles in new car retail sales has exceeded 60% for five consecutive months. Moving forward, authorities will focus on optimizing fund usage, ensuring efficient subsidy disbursements, and cracking down on fraudulent subsidy claims.