China's consumer goods trade-in programs benefit 366m purchases in 2025

BEIJING - China's government-backed consumer goods trade-in programs benefited 366 million purchases in 2025, boosting product sales worth a total of 2.61 trillion yuan ($373 billion) in value, government data shows.

At a regular press briefing on Thursday, commerce ministry spokesperson He Yongqian said that these programs led enterprises above a designated size to see double-digit year-on-year growth in the retail sales value of home appliances, furniture and office supplies in 2025. The retail sales value of communication equipment, in particular, rose 20.9 percent.

The programs also promoted a consumption upgrade characterized by consumer preference for green and intelligent products. Last year, sales of new energy vehicles grew 17.6 percent, with a penetration rate continuing to rise. "By the end of 2025, six out of every 10 passenger vehicles sold in the country were new energy vehicles," the spokesperson said.

In 2025, the number of top-level energy-efficient or water-efficient home appliances purchased by consumers increased 20 percent year-on-year, while sales of smart glasses, smartwatches and smart wristbands all rose over 40 percent, she said.

She noted that the trade-in policies have expanded the scale of China's total retail sales of consumer goods, which hit 50.1 trillion yuan last year, with the contribution rate of final consumption expenditure to economic growth reaching 52 percent.

The ministry will continue its efforts to invigorate the consumption market and, during the process, will ensure that consumption promotion benefits the people, she added.