All 250 billion yuan in ultra-long special treasury bond funding allocated this year to support the trade-in of consumer goods has now been fully distributed to local authorities, according to the National Development and Reform Commission.

The commission, working alongside the Ministry of Finance, recently issued the fourth batch of funding for this year — 62.5 billion yuan in ultra-long special treasury bonds — to local governments to support the consumer goods trade-in program, the commission said.

With this final batch, the full 250 billion yuan earmarked for the consumer goods trade-in initiative this year has been completely allocated.

Since the start of the year, relevant government departments have earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, optimizing the scope of support, subsidy standards, and implementation methods for the consumer goods trade-in program, and guiding local authorities in solidly carrying out policy implementation, thereby driving the trade-in policy to achieve positive results.

From January to August, 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 automobiles were traded in under the program, 91.458 million units across six categories of home appliances were traded in, and 108 million digital and smart products were purchased as new.

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, while the share of new energy passenger vehicles in total passenger vehicle retail sales has exceeded 60% for five consecutive months.

Looking ahead, relevant departments will continue to guide local authorities in properly pacing their work, optimizing fund usage plans, conducting subsidy reviews and payments in a standardized and efficient manner, and cracking down on illegal activities such as fraudulent and duplicate subsidy claims, so as to effectively leverage the benefits of the consumer goods trade-in policy.