China Allocates Additional Funding for Consumer Goods Trade-In Program

On July 26, it was reported that the National Development and Reform Commission (NDRC) and the Ministry of Finance have issued the third batch of 69 billion yuan in long-term special government bonds to support the consumer goods trade-in program. Furthermore, it has been disclosed that the fourth batch of 69 billion yuan in trade-in funding will be allocated in October. As of July 16, a total of 280 million people have applied for subsidies under this program, resulting in sales exceeding 1.6 trillion yuan for related products. Moving forward, the NDRC will continue to promote the trade-in program in a steady and orderly manner through three main actions: first, by continuing to allocate central funds in an orderly manner, with plans to release the fourth batch of 69 billion yuan in October to support local implementation of the trade-in policy; second, by encouraging localities to use funds effectively, working with the Ministry of Finance and the Ministry of Commerce to ensure that funding plans are detailed by sector and timeframe, optimizing subsidy distribution methods to ensure smooth implementation until the end of the year; and third, by continuously improving the policy implementation mechanism, collaborating with the Ministry of Commerce and the State Administration for Market Regulation to strengthen product quality and price supervision, ensuring that participating companies operate legally and compliantly, preventing risks such as price hikes before subsidies, and ensuring the effective implementation of policies.