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The country’s National Development and Reform Commission announced on Tuesday that, in collaboration with the Ministry of Finance, it has issued the final installment of this year’s ultra-long special treasury bonds allocated for consumer goods trade-ins.
This latest release totals 69 billion yuan (approximately $9.7 billion USD), completing the government’s planned funding of 300 billion yuan for the year.
These bond issuances are part of a broader initiative aimed at stimulating domestic demand through upgrading industrial equipment and replacing outdated consumer items like home appliances and vehicles.
From January through August, approximately 330 million consumers utilized trade-in subsidies, resulting in over 2 trillion yuan in related sales activity.
Looking forward, the NDRC intends to distribute subsidies in a fair and organized manner, clamp down on fraudulent practices and illegal profits, and ensure that every dollar of subsidy is effectively deployed to deliver measurable results.
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