Trade-in program vital to spur demand

Further efforts are needed to propel the large-scale equipment upgrade and consumer goods trade-in program, so as to further unleash consumer and investment demand, said national legislators and political advisers.

The strategic move, discussed during the recently concluded two sessions, is vital for expanding domestic demand and fostering the growth of the circular economy, they said.

Their remarks follow the release of the Government Work Report recently, which stressed on the importance of revitalizing consumption. The report announced plans to issue 300 billion yuan ($41.3 billion) in ultra-long term special treasury bonds to support the consumer goods trade-in program, promoting the replacement of outdated items with newer, more environmentally friendly alternatives.