From "Mandatory Actions" to "Voluntary Actions" - Multiple Regions Step Up Efforts to Optimize Trade-in Programs for Consumer Goods

Since the beginning of this year, a clear trend has emerged in the implementation of the nationwide trade-in policies for consumer goods: while maintaining the unified “standard procedures” set by the state, more and more local governments are launching their own distinctive “optional actions” based on their specific circumstances.

Many regions have set quantifiable targets, and some have introduced specialized supporting measures. For example, Henan has proposed that by the end of 2026, they aim to retire and replace about 500,000 personal vehicles, and trade in around 5 million home appliances, further releasing the consumption potential of digital and smart products. At the same time, they emphasize streamlining the recycling and reuse network, including improving the collection network for old equipment and consumer goods, regulating second-hand trading and remanufacturing of old devices, and expanding the resource recycling industry. Specific initiatives include guiding “Internet+recycling” companies to expand categories and improve the collection capacity for old equipment and consumer goods, encouraging the development of “Internet+second-hand” models, and supporting cities like Zhengzhou and Luoyang to build centralized, standardized second-hand trading markets.

Song Xiangqing, Vice President of the China Business Economics Society, told Securities Daily that, based on the implementation of the unified national policy framework, localities are tailoring their measures, showing four main highlights: category expansion, subsidy stacking, scene sinking, and process simplification. First, regions are increasing support for core categories such as automobiles, home appliances, and home renovation, with some adding features like smart digital products and senior-friendly furniture. Second, they are combining national subsidies with local support and corporate discounts to enhance residents’ sense of gain. Third, they are establishing more recycling service points and mobile service vehicles in counties and rural areas to solve difficulties in old-for-new exchanges at the grassroots level. Fourth, digital platforms enable instant subsidy approval and redemption, providing one-stop services that balance policy precision with implementation efficiency, making benefits more aligned with local consumer needs.

The latest data also look promising. Recently, the Ministry of Commerce reported that since the beginning of this year, the sales of traded-in consumer goods have reached 47.623 million units, a year-on-year increase of 15.3%. The sales revenue has reached 323.26 billion yuan, up 3.2% year-on-year.

Fu Yifu, a special researcher at the Shanghai Commercial Bank, told Securities Daily that these figures clearly indicate that policy dividends are accelerating into actual consumption momentum. First, the growth rate of units sold significantly exceeds the growth rate of sales revenue, reflecting that policies effectively stimulate the “quantity increase” in the mass consumer market. Especially in mid- and low-end and essential categories, trade-in policies lower the replacement threshold, converting potential demand into actual purchases. Second, steady growth in sales revenue shows that there is no consumer downgrade on top of the increased volume; some high-value-added products have been optimized structurally through policy guidance, expanding the overall market scale. Additionally, nearly 50 million units sold demonstrate that the policy has created a scaled driving effect, directly boosting terminal consumption and sending positive signals upstream in the industry chain, effectively facilitating the domestic big cycle from production to recycling.

Earlier, at the launch ceremony of the 2026 National Consumption Promotion Month and the Beijing-Tianjin-Hebei Consumption Season on March 2, a relevant official from the Ministry of Commerce stated that efforts would be made to further optimize the implementation of the consumer goods trade-in policies.

So, what further work is needed to optimize the implementation of these policies? Song Xiangqing said that the next step requires government-enterprise coordination and multi-party efforts: the government should strengthen departmental collaboration and data sharing, simplify subsidy procedures, accelerate direct fund transfers, improve the recycling system for waste materials, and crack down on fraud, false reporting, and price gouging; enterprises should optimize product supply and offline services, launching cost-effective, environmentally friendly, smart products suitable for trade-in, and improve convenient services like device assessment and door-to-door collection; platforms and channel partners should build integrated online and offline trade-in scenarios, promote policy awareness; meanwhile, policies should be expanded to cover both urban and rural areas, addressing both urgent needs and upgrading demands, to promote the long-term, standardized operation of trade-in programs and further unleash consumption potential.

Fu Yifu suggested that attention should be paid to policy coordination and expectation guidance. Strengthening the synergy between trade-in policies and strategies such as green consumption and rural revitalization, exploring linking subsidies with energy efficiency ratings and carbon points to promote sustainable consumption. Additionally, maintaining stable policy signals can help set stable market expectations, preventing irrational panic buying due to fears of policy rollback, and fostering a long-term, steady internal driving force for consumption.