Trade-in scheme boosts sales by 1 trillion yuan

China’s consumer goods trade-in scheme has boosted the overall sales of relevant products by more than about 139.1 billion U.S. dollars this year, said the Ministry of Commerce on Friday. China’s trade-ins of passenger vehicles exceeded 5.2 million units, including more than 2.51 million through scrapping of old ones and over 2.72 million for replacement of old ones.

Trade-ins of home appliances drove sales by over 49 million units of products in eight categories. Over 51 million units of products for home decorations, kitchens and bathrooms were sold through the trade-in scheme. Chinese consumers purchased nearly 900,000 new electric bicycles with trade-in subsidies.