China has allocated the fourth batch of 62.5 billion yuan in ultra-long special treasury bonds this year to support the consumer goods trade-in program, according to the National Development and Reform Commission. With this latest disbursement, the full 250 billion yuan earmarked for the trade-in initiative in 2025 has now been fully allocated, continuously stimulating consumer activity while benefiting people's livelihoods.

Data shows that from January to August this year, sales of goods related to the trade-in program reached 1.55 trillion yuan, with subsidies benefiting 208 million person-times. Among these, 5.353 million vehicles were traded in for new ones, 91.458 million units across six categories of home appliances including refrigerators and washing machines were exchanged, and 108 million digital and smart products were purchased as replacements.

Driven by the consumer goods trade-in policy, retail sales of communication equipment, high energy-efficiency home appliances, and wearable smart devices have maintained rapid growth. New energy passenger vehicles have accounted for more than 60% of total passenger vehicle retail sales for five consecutive months.