The sales revenue of consumer goods under the policy-backed trade-in program in 2024 surpassed 15.91 billion yuan (about 2.17 billion U.S. dollars) in northwest China's Xinjiang Uygur Autonomous Region, according to data from the Xinjiang Regional Commerce Department.
In a significant push to stimulate consumer spending, China rolled out an expansive trade-in policy across multiple sectors earlier last year. From automobiles and home appliances to real estate, the initiative aims to encourage the replacement of outdated goods with newer and more advanced options.
Over the past year, customers in Xinjiang enjoyed a total subsidy of 1.93 billion yuan (about 263.78 million U.S. dollars) under the trade-in policy for buying products such as cars, home appliances, bathroom and kitchen products and electric bicycles.
Data from the Xinjiang Regional Commerce Department show that by the end of 2024, a total of 90,000 vehicle trade-in applications had been submitted across the region. Under the trade-in program, the sales of home appliances reached 466,000 units, sales of bathroom and kitchen products reached 93,700 items and the sales of electric bicycles reached 33,200 units.
"I received a subsidy of over 900 yuan (about 123 U.S. dollars) when I bought a 4,000-yuan (about 546 U.S. dollar) refrigerator. Now, I'm planning to buy a new fridge for my parents," said Yao Shujun, a local resident.
The Regional Commerce Department has announced that the trade-in subsidy policies will be extended in 2025 in an effort to boost consumption.
Trade-in program boosts consumption in northwest China's Xinjiang
Experts said that the farming-friendly measures outlined in the annual government work report will not only motivate farmers to increase grain production but also encourage local governments to place greater emphasis on agriculture and invest more in the sector.
China has raised its grain output target for 2025 to an all time high of over 700 million metric tons, according to the annual government work report.
"Improving the system designed to benefit and enrich grain farmers is a way to support them. For local governments in major grain-producing regions, it's important to establish a coordinated mechanism for inter-provincial compensation led by the central government. This is expected to be implemented this year, ensuring that both grain farmers and local governments in these areas benefit from their efforts to focus on grain production. This is a priority," said Hu Xiangdong, director of the Institute of Agricultural Economics and Development under the Chinese Academy of Agricultural Sciences.
To reach the target, experts highlighted, priority should be given to promoting integrated technologies in the agricultural sector, alongside upgrading related infrastructure and facilities. These measures are expected to boost per unit yield of grain.
"By developing high-standard farmland, advancing facility agriculture, and improving related equipment, we can strengthen our disaster prevention and mitigation capabilities. The key to increasing yield per unit is effectively combining the application of integrated technology with improvements in agricultural conditions, such as production in high-standard farmland," said Li Guoxiang, a research fellow at the Institute of Rural Development of the Chinese Academy of Social Sciences.
Moreover, the government work report this year also outlined plans to stabilize grain prices, a key concern for farmers, and ensure that the prices of major agricultural products remain within a reasonable range.
"Recently, grain prices have stabilized and started to rise, while livestock and poultry product prices have remained steady. This is encouraging news for farmers. By maintaining reasonable prices, farmers can better benefit from growing grain and engaging in agricultural production," Li said.
Experts applaud farming-friendly measures outlined in government work report
