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 From automobiles and home appliances to real estate, the initiative aims to encourage the replacement of outdated goods with newer and more advanced options.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
