AsianFin -- China's consumer goods trade-in stimulus program contributed over 1 percentage point to 2024's consumption growth, Vice Commerce Minister Sheng Qiuping announced on Friday, as officials aim to expand the initiative further this year.
The scheme, launched in 2023, drove sales of cars, home appliances, electric bicycles, and other products to a total of 1.3 trillion yuan ($179.45 billion), Sheng revealed during a press conference. The program’s success highlights its role in bolstering retail sales and stimulating domestic consumption.
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