(ECNS) -- China’s consumer goods trade-in programs generated 1.1 trillion yuan (about 161.9 billion U.S. dollars) in sales in the first half of 2026, benefiting 150 million consumers, official data showed Wednesday.
The programs supported trade-ins of 3.707 million automobiles and 63.266 million home appliances, while purchases of digital and smart products reached 79.098 million units.
New energy vehicles continued to gain popularity, accounting for 65.4% of subsidized automobile trade-ins in June. New energy vehicle (NEV) penetration reached a record 62.4% in the second quarter.
Smart consumption accelerated, with digital and smart product sales volume up 13.4 percent year on year in H1 and 32 percent in June. Smart glasses emerged as a new consumption hotspot, with sales rising 30.6% in June.
Under the 2026 policy, local governments have greater flexibility in designing subsidy programs. Jiangsu and Shanghai, for example, included embodied intelligent robots.
China rolled out the subsidies in 2024 as part of a broader consumer goods trade-in program covering a wide range of products, including automobiles, smartphones and household appliances. Authorities plan to allocate 250 billion yuan in ultra-long special treasury bonds to support the program.
(By Intern Lin Qiaochu, Zhang Dongfang)
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