China's nationwide trade-in program has significantly boosted sales of energy-saving home appliances and new energy vehicles over the past few months, official data showed.
China rolled out a series of measures in July including the issuance of special treasury bonds to expand the existing trade-in scheme covering from automobiles and home appliances to real estate, as part of its efforts to spur consumption and speed up green transformation.
The implementation of the expansionary policy soon yielded results. The sales of household appliances and audio and video equipment in the country changed from a decline to an increase in August, and recorded a year-on-year growth of 20.5 percent in September.
The retail sales of passenger cars rose 4.5 percent in September from a year earlier. It was the first increase recorded in the past six months.
Since July, the domestic retail penetration rate of new energy vehicles has exceeded 50 percent for three consecutive months, reaching 53.3 percent in September.
New energy vehicles accounted for 62 percent of all the cars purchased under the trade-in policy, while as much as 90 percent of home appliances buyers replaced their outdated products with first-grade energy-efficient ones.
From January to September, more than 8,200 new intelligent waste material recycling facilities were set up in communities across the country. The recycling volume of end-of-life automobiles was 4,967,000, which already exceeded last year's annual scrapping volume.
The National Development and Reform Commission (NDRC) has announced that it will work together with local authorities to improve the recycling network covering counties, towns and villages, and guide China Resources Recycling Group to set up a national-level and functional material recycling platform.
Trade-in program drives sales of new energy vehicles, energy-saving home appliances in China
Trade-in program drives sales of new energy vehicles, energy-saving home appliances in China
