| China's trade-in programme soars |
| China's consumer goods trade-in programme has gained remarkable popularity, particularly during the Spring Festival shopping season. The Ministry of Commerce reported that 10.79m electronic devices were traded in over just four days starting January 20th, following the inclusion of mobile phones, tablets, and smartwatches in the subsidy initiative. Vice-commerce minister Sheng Qiuping stated, "The programme, along with shopping promotions, will help meet the growing demand for Spring Festival shopping". In 2024, over 6.8m vehicles and 56m home appliances were traded in, with total sales value exceeding 1.3tn yuan (£180bn). The programme has revitalised consumption momentum and promoted a sustainable economy, with a focus on green products. As China aims to boost consumption further in 2025, local authorities are implementing various supportive measures to enhance the trade-in experience for consumers. |
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