China’s massive trade-in program is driving billions in sales while reshaping how consumers upgrade electronics and appliances at scale – Charm

China’s trade-in program generated 502.94 billion yuan (~$74 billion) in sales
Nearly 70 million purchases were supported through subsidy-driven incentives
Digital products accounted for the largest share of units sold

China has released new figures for its government-backed consumer goods trade-in initiative, and the numbers are substantial.

According to the Ministry of Commerce, as of April 12, 2026, the scheme had generated total sales of 502.94 billion yuan (~$74 billion) and benefited nearly 69.78 million individual purchases.

Trade-in for home appliances leads the pack

Home appliance trade-ins reached over 27 million units with sales of 111.09 billion yuan (~$16 billion), while automobile trade-ins surpassed 1.67 million units, driving new vehicle sales of more than 269.44 billion yuan (~$40 billion).

The 2026 performance becomes more meaningful when placed alongside earlier data.

In the whole of 2025, consumer goods trade-in programs benefited 366 million purchases and created product sales worth a total of 2.61 trillion yuan (~$383 billion).

By the end of May 2025, the program had already boosted sales of five key categories of consumer goods to 1.1 trillion yuan (~$161 billion), with about 175 million subsidy payments issued directly to consumers.

The 2025 effort was backed by 300 billion yuan (~$59 billion) in ultra-long special treasury bonds, double the amount allocated in 2024.

For 2026, the government plans to allocate a total of 250 billion yuan (~$37 billion) in such bonds, with 62.5 billion yuan (~$9 billion) already distributed as a second batch of funding in April 2026.

The 2026 sales figures, while impressive at over half a trillion yuan in just over three months, still trail the annual pace set in 2025.

However, direct comparisons remain complicated because the program expands its product coverage each year.

China’s incentive-driven model contrasts with the European Union framework under the WEEE Directive.

The EU focuses on producer responsibility for collecting and processing old electronic consumer goods.

However, in Moldova, the EcoVoucher Program provides €305 ($358) vouchers to vulnerable households when they return old appliances for replacement.

The scheme covers up to 70% of the cost of a new refrigerator or washing machine, ensuring that recycling directly lowers purchase barriers.

More than 40,000 appliances have already been replaced, generating energy savings exceeding €1.22 million ($1.4 million) while accelerating the removal of inefficient devices.

India also has a similar Production Linked Incentive scheme, which has disbursed 28,748 crore rupees ($3.46 billion) since 2021 to support electronics production and upgrades.