CHINA plans to raise more fund from selling ultra-long special treasury bonds to support consumer goods trade-in and large equipment upgrading programs in 2025, senior Chinese officials said in Beijing yesterday.

The specific amount is expected to be announced during this year’s two sessions in March. Under the two programs, the country will broaden the range of goods eligible for government subsidies in 2025, the officials noted.

Chinese Central Government has pre-allocated 81 billion yuan (US$11.05 billion) in funds to continue to carry out the consumer goods trade-in program and ensure continuation of the policy, Fu Jinling, an official from the Ministry of Finance, said at a press briefing held by the State Council Information Office yesterday.

In terms of specific consumer goods trade-in policies in 2025, Zhao Chenxin, deputy head of the National Development and Reform Commission (NDRC), the top economic planner, noted that 12 categories of home appliance will become eligible for subsidies this year, up from last year’s eight.

Taking into account the actual needs of households, the new policy will allow each consumer to apply for a maximum subsidy for three air conditioners instead of one.

In particular, this year’s subsidies will cover more digital products, including smartphones, a hot consumer goods favored by the young population.

China will also increase subsidies for upgrading large equipment in key industrial sectors this year, seniors officials said.

Building on the existing loan support for industries including new energy, transportation, logistics, and environmental infrastructure, the supportive policy will be extended to cover sectors such as electronic information, workplace safety, and agriculture in 2025, with the focus on introducing high-end, intelligent, and environment-friendly equipment.

Chinese officials noted at the press briefing that the trade-in subsidies have played an important role in driving consumption and economic growth in 2024.

It is estimated that under the programs, more than 20 million units of large equipment were updated in the sectors where subsidies were applicable last year, NDRC said.

In the mean time, more than 36 million Chinese consumers have purchased 56 million items of home appliances, accounting for total sales of 24 billion yuan, according to data released by China’s Ministry of Commerce.

More than 6.5 million old vehicles were scrapped and replaced nationwide in 2024. The total sales of new-energy vehicles in China reached 11 million units last year, according to Zhao.(SD-Agencies)