China Says Replace-the-Old Scheme Tops 250 Million Beneficiaries

Beijing: China's commerce ministry has reported that its trade-in scheme for consumer goods, known locally as replace-the-old-with-new, has generated sales of more than 2 trillion yuan this year. The figures were released on October 28.

According to the ministry, more than 250 million people have gained from the policy. The ministry believes the scheme has been effective in encouraging consumption across the economy. It has also helped with product upgrades and made it easier to recycle old items.

The ministry also convened a national video conference on the same day to take the initiative further. The session presented an account of implementation progress and achievements, while setting out the key tasks for the next phase.

The ministry told all sectors to concentrate on essential issues, take solid action and implement policies at high standards. It further urged faster innovation in offline consumption and quicker processing of subsidies to ensure people receive genuine benefits.