Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to promote green consumption, focusing on the encouragement of purchasing green home appliances and home decoration products [1] Group 1: Green Home Appliances - Promotion of green home appliances and home decoration is emphasized, encouraging the purchase of products certified as green, such as green smart appliances and fluorine-free air conditioners [1] - The establishment of a certification system for green smart home appliances is part of the initiative [1] Group 2: Standards and Quality - Improvement of energy efficiency and water efficiency standards for home appliances is highlighted [1] - Support for high-quality green home appliance and decoration brands that meet certain criteria to be included in the list of Chinese consumer products [1] Group 3: Sustainable Development - Continuous promotion of green high-quality development in bulk cement is mentioned as part of the broader initiative [1]

Core Insights - The consumption upgrade policy in China has significantly boosted sales, with over 2.6 trillion yuan in sales related to the old-for-new program in 2025, benefiting more than 360 million people [2][3] Group 1: Policy Implementation and Impact - The old-for-new policy has been effective since its full implementation in September 2024, with over 480 million direct subsidies issued to consumers [5][6] - The policy has led to substantial sales in various categories: over 11.5 million cars, 129 million home appliances, 91 million digital products, and 12 million home renovation items were sold under this initiative [2][3] - The retail sales of consumer goods increased by 4.0% year-on-year in the first 11 months of 2025, with the old-for-new program contributing over 1 percentage point to this growth [4] Group 2: Product Categories and Consumer Behavior - In the automotive sector, nearly 60% of the old-for-new vehicles were new energy vehicles, with their market share exceeding 50% for nine consecutive months [4] - In home appliances, over 90% of the products sold under the old-for-new program were of first-level energy efficiency [4] - The program has encouraged consumers to experience shopping in stores, leading to a 30% increase in sales for nearby businesses in areas with concentrated old-for-new appliance stores [6] Group 3: Future Developments - In 2026, the subsidy structure will be optimized, transitioning from fixed subsidies to a percentage of the vehicle price, with maximum subsidies of 20,000 yuan for scrapping and 15,000 yuan for replacement [7] - The scope of supported appliances will expand to include six major categories, enhancing the effectiveness of the subsidies [7] - New categories such as smart glasses will be added to the subsidy program, targeting fast-growing consumer technology sectors [7]

Core Insights - The "old-for-new" policy in China is projected to generate over 2.6 trillion yuan in sales by 2025, benefiting more than 360 million consumers and serving as a significant driver for consumption growth and industrial upgrading [1][2] Group 1: Policy Impact on Sales - By 2025, the "old-for-new" policy will lead to the replacement of over 11.5 million vehicles, 129 million home appliances, 9.1 million digital products, 12 million home renovation items, and 1.25 million electric bicycles [1] - From January to November 2025, the total retail sales of consumer goods are expected to grow by 4.0% year-on-year, with the "old-for-new" policy contributing over 1 percentage point to this growth [1] Group 2: Industrial Upgrading - The policy has significantly enhanced industrial quality, with nearly 60% of replaced vehicles being new energy vehicles, and over 90% of replaced home appliances being high-efficiency products [1] - The recycling of scrapped vehicles is projected to increase by 24.5% in 2025, leading to the recycling of approximately 9.6 million tons of steel and 1.3 million tons of non-ferrous metals, while reducing carbon emissions by about 24.5 million tons [1] Group 3: Consumer Safety and Experience - Over 4.8 billion subsidies have been issued directly to consumers since the policy's implementation, with a significant number of new green, low-carbon, and smart products entering the market [2] - The replacement of old electric bicycles has exceeded nine times that of 2024, with 90% of new bicycles meeting national safety standards [2] Group 4: Economic Revitalization - The "old-for-new" policy has revitalized offline retail, with consumers increasingly opting for in-store experiences, leading to over 30% growth in surrounding merchant consumption in areas with concentrated home appliance replacement stores [2] - The Ministry of Commerce indicates that the policy will continue to evolve, further stimulating consumption potential and promoting green and low-carbon transitions for high-quality economic development [2]

Core Insights - The "old-for-new" consumption policy has significantly boosted sales, with related product sales expected to exceed 2.6 trillion yuan by 2025, benefiting over 360 million people [1] - The policy has led to substantial growth in various sectors, including over 11.5 million cars, 129 million home appliances, and 9.1 million digital products being replaced [1] - The retail sales of social consumer goods increased by 4.0% year-on-year from January to November 2025, with the "old-for-new" initiative contributing over 1 percentage point to this growth [1] Automotive Sector - In the automotive sector, nearly 60% of the "old-for-new" transactions involved new energy vehicles, with the market share of new energy passenger cars exceeding 50% for nine consecutive months [1] - In November 2025, the market share of new energy passenger cars reached 59.4% [1] Home Appliance Sector - The home appliance sector saw over 90% of the "old-for-new" transactions involving first-level energy efficiency products [1] - Retail sales in the home appliance sector surpassed 1 trillion yuan, marking a historical high [1] Consumer Behavior - Since the implementation of the policy in September 2024, over 480 million subsidies have been distributed directly to consumers, promoting the adoption of green, low-carbon, and smart products [1] - More consumers are opting for in-store experiences and enjoying subsidies, leading to increased cross-scenario consumption in leisure, entertainment, and dining [2] - In areas with concentrated home appliance "old-for-new" stores, consumer spending within a 1-kilometer radius has increased by over 30% [2]

Core Viewpoint - The implementation of the old-for-new consumption policy since 2025 has significantly boosted sales in various sectors, particularly in automobiles and home appliances, benefiting a large number of consumers [1] Group 1: Policy Implementation and Impact - The Ministry of Commerce, along with regional and relevant departments, has effectively executed the old-for-new consumption policy since 2025, resulting in remarkable outcomes [1] - In 2025, sales related to the old-for-new policy exceeded 2.6 trillion yuan, benefiting over 360 million people [1] - The policy has led to the replacement of over 11.5 million old cars, 129 million home appliances, 9.1 million digital products, and 12 million home renovation items [1] Group 2: Consumer Subsidies and Product Quality - Since the comprehensive implementation of the policy in September 2024, over 480 million direct subsidies have been issued to consumers [1] - A significant number of green, low-carbon, and smart new products have entered the market, enhancing consumer lifestyles [1] - In 2025, for every two new household cars sold, one benefited from the old-for-new subsidy, indicating strong consumer uptake [1] Group 3: Electric Bicycle Replacement - The replacement of old electric bicycles has increased to more than nine times the volume seen in 2024, highlighting a shift towards newer models [1] - The new electric bicycles comply with current national standards and possess product quality certificates, ensuring higher safety [1] - Approximately 90% of the replaced electric bicycles are equipped with safer lead-acid battery vehicles [1]

Core Insights - In 2025, China's trade-in sales exceeded 2.6 trillion yuan, benefiting over 360 million people [1] - The automotive trade-in program saw over 11.5 million vehicles exchanged, with nearly 60% being new energy vehicles [1] - Retail sales of consumer goods grew by 4.0% year-on-year, with trade-ins contributing over 1 percentage point to this growth [1] Automotive Sector - The trade-in program for automobiles resulted in a significant increase in new energy vehicle market share, surpassing 50% for nine consecutive months, reaching 59.4% in November [1] - The volume of scrapped vehicles increased by 24.5% year-on-year, leading to the recycling of approximately 9.6 million tons of steel and 1.3 million tons of non-ferrous metals [1] Home Appliances Sector - The trade-in program for home appliances exceeded 129 million units, with over 90% of new products being first-class energy efficiency [1] - Retail sales in the home appliance sector surpassed 1 trillion yuan, marking a historical high [1] Consumer Behavior - More consumers are opting for in-store experiences and subsidies, leading to increased cross-scenario consumption in leisure and dining [1] - In areas with concentrated home appliance trade-in stores, surrounding merchant consumption increased by over 30% year-on-year [1]

据商务部，2025年以来，商务部与各地区、各相关部门一道，深入贯彻落实党中央、国务院决策部署， 扎实有序推进实施消费品以旧换新政策，取得显著成效。2025年，以旧换新相关商品销售额超2.6万亿 元，惠及超3.6亿人次。其中，汽车以旧换新超1150万辆，家电以旧换新超1.29亿件，手机等数码产品购 新超9100万部，家装厨卫"焕新"超1.2亿件，电动自行车以旧换新超1250万辆。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 ...

Core Insights - The article highlights the significant impact of the "trade-in" policy on consumer spending and economic growth, projecting a sales volume of over 2.6 trillion yuan by 2025, benefiting more than 360 million people [1] Group 1: Trade-in Policy Impact - By 2025, the trade-in program is expected to result in the sale of over 11.5 million cars, 129 million home appliances, 9.1 million digital products, 120 million home renovation items, and 1.25 million electric bicycles [1] - The retail sales of consumer goods increased by 4.0% year-on-year from January to November, with the trade-in program contributing over 1 percentage point to this growth [1] Group 2: Industry Upgrades - Nearly 60% of traded-in cars are new energy vehicles, leading to a continuous market share of over 50% for new energy passenger cars for nine consecutive months, reaching 59.4% in November [1] - Over 90% of traded-in home appliances are first-class energy efficiency products, indicating a trend towards higher quality and energy-efficient products [1] Group 3: Economic and Environmental Benefits - The recycling of scrapped cars is projected to increase by 24.5% by 2025, resulting in the recycling of approximately 9.6 million tons of steel and 1.3 million tons of non-ferrous metals, which will reduce carbon emissions by about 24.5 million tons [1] - The policy has led to the issuance of over 480 million direct subsidies to consumers since its full implementation in September 2024, promoting the adoption of green, low-carbon, and smart products [2] Group 4: Consumer Behavior and Retail Growth - The trade-in policy has encouraged more consumers to shop in physical stores, leading to increased cross-scenario consumption in leisure, entertainment, and dining [2] - In areas with concentrated home appliance trade-in stores, consumer spending within a 1-kilometer radius has increased by over 30% [2]

Core Viewpoint - Tongren City is focusing on high-quality development and plans to invest over 10 million yuan in consumer promotion activities for 2026, aiming to enhance the local economy and improve residents' quality of life through a series of consumer-friendly initiatives [1][5]. Group 1: Investment and Financial Commitment - The local government plans to invest more than 10 million yuan in fiscal funds to support consumer promotion activities [1]. - The city aims to create a sustainable consumer promotion model with seasonal themes and monthly highlights [3]. Group 2: Consumer Promotion Activities - Tongren City will launch a "Year Flavor Economy" initiative targeting returning workers and the New Year, featuring tourism discounts for local residents [3]. - The city plans to distribute over 12,000 government consumption vouchers covering various sectors such as supermarkets and dining to facilitate holiday shopping [5]. - A series of large-scale promotional events will be organized throughout the year, particularly around traditional festivals and major online shopping events [5]. Group 3: Collaboration and Partnerships - The city intends to deepen cooperation with JD Group to enhance promotional activities, including seasonal sales campaigns [5]. - The strategy includes collaboration among government, enterprises, and banks to boost consumption across various sectors [5].

Core Viewpoint - The "National Consumption Upgrade" policy, aimed at boosting consumer spending, will continue into 2026 with adjustments to subsidy scope and standards, as announced by the Minister of Finance at the national fiscal work conference [1] Group 1: Policy Evolution - The "National Consumption Upgrade" policy originated during the 2008 global financial crisis to stimulate consumption through subsidies for major consumer goods, focusing on rapid market activation [1] - The 2024 reintroduction of the policy marks a shift from short-term emergency measures to long-term empowerment, with three major upgrades compared to earlier versions [1] Group 2: Coverage and Standards - The coverage of the policy will expand from single categories to multiple scenarios, with the 2024 focus on vehicle scrappage and eight types of household appliances, and a broader scope for 2025 that includes digital products and home decoration [2] - Subsidy standards will transition from a uniform approach to differentiated optimization, such as increasing subsidies for new energy vehicles from 10,000 yuan to 20,000 yuan [2][3] - The funding source will shift from annual budgets to long-term special government bonds, with 150 billion yuan allocated in 2024 and 300 billion yuan in 2025, ensuring stable support for the policy [2][3] Group 3: Systematic Design - The expansion of subsidy categories and optimization of standards are coordinated with strengthened funding sources, creating a systematic design that transforms the policy from an emergency stimulus tool to a normalized consumption promotion mechanism [3] - Despite the policy's effectiveness, challenges remain, such as the temporary suspension of subsidies in some regions due to faster consumption of funds than bond issuance, necessitating a focus on existing funds rather than increasing the budget [3] Group 4: Implementation Challenges - The increase in subsidy categories may lead to local protectionism, where local brands receive preferential treatment, potentially distorting market competition [4] - Complicated application processes may deter consumers, particularly older individuals or those in rural areas, from accessing subsidies, undermining the policy's universality [4] - To ensure the policy effectively stimulates consumption, precise efforts are needed in coverage, standard design, and supporting mechanisms, including the establishment of a unified information platform for the entire process [5]