Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

China expands consumer trade-in program to support economic recovery

Posted on January 8, 2025 |

China is including more home appliances, such as microwave ovens, water purifiers, dishwashers, and rice cookers, in its consumer trade-in program to boost demand in the slow household sector.

The government will provide 15% subsidies for digital goods like cellphones, tablet computers, smartwatches, and bracelets under 6,000 yuan.

While the total cost of the incentives is not specified, the government has allocated 81 billion yuan ($11.05 billion) for consumer trade-ins to stimulate spending in 2025.

These steps are part of China's broader plan to boost economic growth in 2025, addressing the impact of a property crisis that has hurt consumer wealth and spending.

In 2024, China used 150 billion yuan from special treasury bonds to support replacing old appliances, cars, and goods, leading to 920 billion yuan in auto sales and 240 billion yuan in home appliance sales.

China’s top leaders have promised to "vigorously" increase consumption and expand domestic demand this year.