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Advisory

China’s Trade-In Subsidy Program Drives Over 2 Trillion Yuan in Sales

· Data

Summary

China's Ministry of Commerce said its 2026 consumer goods trade-in program has driven sales of related products past 2 trillion yuan, with more than 250 million person-times benefiting. Retail sales of telecom equipment rose 31.1% in September.

At a national video conference on the consumer goods trade-in program (以旧换新) on October 28, China’s Ministry of Commerce said that this year the policy has driven sales of related products past 2 trillion yuan, and that more than 250 million person-times (a person can be counted more than once) have benefited (Ministry of Commerce announcement, published Oct 30, 2026).

Key figures

Item Figure Source
Sales of related products (2026 to date) Over 2 trillion yuan (超2万亿元) Ministry of Commerce
Beneficiaries Over 250 million person-times (超2.5亿人次) Ministry of Commerce
Telecom equipment retail sales, Q1–Q3 (enterprises above designated size) +18.1% year on year, 3.7 percentage points faster than in H1 Wang Quanzhong, head of the Trade and External Economic Statistics Department, National Bureau of Statistics (via Xinhua)
Cultural and office supplies retail sales, Q1–Q3 +6.2%, 0.4 percentage points faster than in H1 National Bureau of Statistics (same)
Telecom equipment retail sales, September +31.1%, the highest since June last year National Bureau of Statistics (same)
Bar chart: telecom equipment retail +18.1% in Q1–Q3, cultural and office supplies +6.2% in Q1–Q3, telecom equipment retail +31.1% in September
China retail sales growth by category (year on year). Source: National Bureau of Statistics (via Xinhua, Oct 29, 2026). Chart: China Market Brief

The 2 trillion yuan is not the subsidy amount

The 2 trillion yuan figure is the value of related products sold with the help of the subsidies. It is a different number from the amount the government paid out in subsidies. For the funding side, see CMB’s October 13 report on the fourth batch of trade-in funds. This announcement shows the sales effect of that policy.

Year-end tasks set at the meeting

The Ministry of Commerce told local governments to finish implementing the policy by year-end, naming creating new offline consumption scenarios and speeding up subsidy payments as priorities. Assistant Minister of Commerce Yuan Xiaoming (袁晓明) attended and spoke (出席并讲话), and commerce departments from Hebei and Zhejiang presented their experience.

What foreign brands should note

  • The fastest growth is in digital devices such as phones and computers. Telecom equipment retail sales rose 31.1% in September.
  • The ministry named “offline consumption scenarios” as a task, but this announcement gives no region-by-region schedule.

Sources

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