China's consumer goods trade-in program generates sales of 433.17b yuan in Q1

BEIJING -- China's government-backed consumer goods trade-in programs benefited over 60.93 million purchases in the first quarter of 2026, boosting sales of 433.17 billion yuan (about $62.84 billion), commerce ministry data showed Friday.

A total of 1.41 million subsidy applications were received for auto trade-ins, driving new vehicle sales of 228.69 billion yuan in Q1.

Under the program, about 23.21 million home appliances, including refrigerators, washing machines, televisions, air conditioners, computers and water heaters, were traded in during the period, boosting sales by 95.43 billion yuan.

A total of 36.32 million units of digital and smart products were sold under the program, driving sales of 109.05 billion yuan.

Chinese authorities have announced the renewal of the trade-in subsidy program for consumer goods in 2026 as part of the broader efforts to boost consumption, with 62.5 billion yuan in ultra-long special treasury bond funds allocated in advance to support this year's program.