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China unveils equipment renewal plan, trading-in consumer goods

China has released an action plan to promote large-scale equipment renewal and the trading in of consumer goods.

The action plan, issued by the State Council, the country’s cabinet, was aimed at bringing more durable, high-quality consumer goods into people’s lives.

It was also aimed at smoothing the recycling chain of resources and significantly improving the quality and level of economic circulation.

According to the action plan, the scale of equipment investment in areas including industry, agriculture, construction, transportation, education, culture, tourism, and medical care is planned to increase by more than 25 percent by 2027, compared with 2023.

The plan said that as of 2027, the recycling volume of scrap vehicles is planned to roughly double from 2023, and used car transactions would increase by 45 percent.

“While the recycling of used household appliances will increase by 30 percent compared with 2023,’’ it stated.

The plan specified 20 key tasks in five sectors, including equipment renewal, trading-in of consumer goods, recycling of used goods, standard leveling-up, and policy reinforcements, along with fiscal and financial support. (Xinhua/NAN)

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