EconomicWatch:China'strade-inprogramstimulatesconsumermarketvitality_GuangmingOnlineConsumerswatchXiaomi'snewenergyvehiclemodelSU7ataretailshopinBeijing,capitalofChina,March28,2024.(Xinhua/JuHuanzong)BEIJING,May8(Xinhua)--China'snewroundofconsumergoodstrade-inshasachievedpositiveinitialresultsoverthepastfewmonths,raisingmarketconfidencethatsuccessfulrevivalofconsumptionwillofferstrongerimpetustotheeconomy.Duringthejust-concludedMayDayholidaybreak,salesofautomobiless,homeappliancesandfurnituremonitoredbytheMinistryofCommerce(MOC)increasedby4.8percent,7.9percentand4.6percentyearonyear,respectively.Frome-commerceplatformstobrick-and-mortarstores,morebuyersmadedealsthankstosubsidiesanddiscountsundertheprogram."Recently,trade-insaccountedfor40to50percentofourorderseveryday,"saidZhaoHongfu,managerofastoreofhomeapplianceretailerSuninginShanghai.WangKui,workingforonlineshoppingplatformTmall,saidthevalsueoftrade-indealsinvolvinghomeappliancesandsmartphonesshassincelateMarch2024surgedby90percentcomparedwithayearearlier.China'sStateCouncilreleasedanactionplaninMarchtoinitiatelarge-scaleequipmentupgradesandtrade-insofconsumergoods--nearly15yearssincethelastsuchroundofrenewals.Attheendof2023,peopleinChinaownedsome336millioncivilianautomobilessandover3billionmajorhouseholdappliances,includingrefrigerators,washingmachines,andairconditioners.Itisestimatedtheupgradingdrivewillcreatemarketdemandworthmorethan1trillionyuan(over140billionU.S.dollars).Analystshavehighlightedthesignificanceofthisnewprograminunleashingdomesticdemandpotentialandsustainingeconomicrecovery.Givencomplicatedsituationsbothathomeandabroad,theseconsumergoodstrade-inswillstimulateconsumersentimentandstrengthengrowthmomentum,saidZhuKeli,aresearcherattheChinaInstituteofNewEconomy.FuYifu,aresearchfellowwiththeStarAtlasInstituteofFinance,believedthatindustrialupgradeswillbeboostedandthiswillalsoresultinaccelerationofChina'sgreentransformation.Inkeepingwiththehigh-levelactionplan,ministrieshavestartedtorolloutspecificmeasurestopromotetrade-ins,whilelocalauthoritieshaveunveileddifferentiatedfavorablepolicies.TheMOCandmultipleothergovernmentdepartmentspublisheddetailedplanstoencouragepeopletotakeapartintheprogram,andfinancialregulatorscalledoninstitutionstoactivelymeetrelatedfinancingdemands.EastChina'sJiangsuProvincepredictedthemarketdemandforconsumergoodstrade-inswillreach70billionyuanthisyear,whilecentralChina'sHubeiProvinceexpectstoreach40,000automobilestrade-insin2024.HenanProvinceincentralChinaisaimingtoincreaserecyclingofscrappedcarsandwastehomeappliancesby50percentand15percent,respectively,in2025,comparedwith2023."Astheprogramhasbeenpushedforwardinaneffectiveandorderlymanner,withthejointactionoflocalgovernmentsandmanyenterprises,webelievegreaterresultswillbeachievedinthefuture,"saidZhaoChenxin,deputyheadoftheNationalDevelopmentandReformCommission.Editor:DisclaimerTheviewsandopinionsexpressedinthisarticlearethoseoftheauthor's,GMW.cnmakesnorepresentationsastoaccuracy,suitability,orvalidityofanyinformationonthissiteandwillnotbeliableforanyerrors,omissions,ordelaysinthisinformation.